Source: AdobeStock / vpanteon
After another eventful week in the crypto markets, during which we’ve seen major rallies as well as major drops, it’s time for a summary of what went well, and what went less well in terms of price performance.
Rankings and prices are current as of press time (09:37 UTC) on Friday.
Best performers this week
Securing the spot as the number one performer this week was the relatively newly created meme coin SafeMoon, built as a BEP-20 token on the Binance Smart Chain (BSC). The token, which promises to take holders “safely to the moon,” was up by a whopping 55.2% for the past 7 days and over 15% over the past 24 hours. With its massive max token supply of 1 quadrillion, however, the price per token remains a tiny USD 0.00000268.
Constellation Network’s DAG token is this week’s second-best performer, with a 7-day price gain of 49.2% to a price of USD 0.417, and a 24-hour rise of 1%.
The project, ranked 94 in terms of market capitalization, is led by the San Francisco-based company Constellation Network, Inc., and aims to be an “end-to-end blockchain business toolkit” for other companies to make use of.
Avalanche and its AVAX token stood out as the third-best performer among the top 100 coins this week, rising 45.7% over the past 7 days. The token, ranked 21 by market cap, was also up by 4.5% over the past 24 hours, trading at USD 45.13.
The rise for Avalanche’s AVAX token comes as the project has secured several important partnerships in recent days, largely helped by the launch of its for liquidity mining on the blockchain.
Learn more: Avalanche Best Weekly Performer in Top 100 as Incentive Program Kicks In
Promoted as an “Internet of Services” platform, IOST was the week’s fourth-best performer, gaining just over 36.7% for the week. However, the token was down by a noticeable 8.7% over the past 24 hours, and traded at USD 0.04276 as of press time.
Following recent gains, the IOST token has barely managed to secure a spot among the top 100 coins, currently ranking as number 97 by market capitalization.
5. Bitcoin cash ABC/eCash
With a 7-day gain of 34.3% bitcoin cash ABC (BCHA), which has recently been rebranded as eCash (XEC), came in as the fifth best performer over the past 7 days, ahead of bitcoin cash (BCH), from which it was forked in late 2020. The price also rose by 0.4% over the past 24 hours, to trade at USD 76.63.
According to CoinGecko’s market cap ranking, bitcoin cash ABC is the 78th most valuable cryptocurrency. Other ranking sites, however, places it significantly lower on their rankings. Along with its rebranding to eCash, bitcoin cash ABC is being redenominated at a ratio of 1:1 million.
Worst performers this week
While the best performer for the week saw gains of over 50%, Audius and its AUDIO token saw a drop of nearly 28.2%. The token, ranked 100 by market cap, represents governance rights on the Audius streaming protocol, and is said to be used by both artists and fans on the platform.
Over the past 24 hours, AUDIO dropped by 4.2%, and is currently trading at USD 2.37 in the market.
Kusama (KSM) stood out as the second-worst performer this week, with a drop of 17.3% over the past 7 days, and 3.4% over the past 24 hours. The token, which is ranked 55 by market capitalization, traded at USD 273.77 as of press time.
Built with the exact same codebase as smart contracts platform Polkadot (DOT), Kusama aims to be a safe testing and experimentation environment for new projects that will eventually be deployed to Polkadot.
Learn more: Polkadot, Kusama Rally On USD 100M Parachain Lease Auction News
Ranked 99 by market capitalization, xSUSHI is a token associated with the SushiSwap decentralized exchange. The token was down by 17.2% over the past 7 days, giving it the spot as the week’s third worst performer.
Despite the weekly drop, xSUSHI was up by 0.4% over the past 24 hours, trading at USD 13.67.
4. Internet Computer
Internet Computer and its native token ICP took the spot as the fourth worst performer this week, losing 16.7% of its value over the past 7 days. The token, ranked 19 by market cap, was also down by 3.7% over the past 24 hours, trading at USD 56.03.
The Internet Computer project, which was launched to the public as recently as in May this year, aims to recreate the web to become a decentralized global computer, and is backed by investors like Andreessen Horowitz and Polychain Capital.
SUSHI, the governance token of the SushiSwap decentralized exchange, saw a drop of 15.7% over the past 7 days, coming in as the fifth worst performer of the week, after having risen by a similar percentage the week before. The token, ranked as the 62nd most valuable cryptoasset, traded at USD 11.8 at press time, but was up by a slight 1.5% for the day today.
The latest price action for SUSHI comes after it was announced earlier this week that SushiSwap will launch on the Avalanche blockchain.
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