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  • Weekly Recap: SNX and SHIB Defy Market Sentiments, Accrue Huge Gains

Weekly Recap: SNX and SHIB Defy Market Sentiments, Accrue Huge Gains

Amidst a slumping market and freezing withdrawals, SNX, SHIB, and WAVES have swum against the tides this week. Bancor continues to struggle as Bitcoin fights to stay afloat.

The bears are still rocking the crypto market, but certain coins are striving to remain in the green. Last week, SNX, WAVES, and BAT printed considerable gains. However, as for coins like KCS and BNT, they slumped significantly in prices along with the dipping market.

Last Wednesday, the U.S. Federal Reserve announced that it would raise interest rates by 0.75% (or 75 basis points). This was in a bid to quell the rising inflation rate, which has hit a 40-year high of 8.6%. Usually, such news would rock the crypto market , but since the hike was expected, there was a neutral response in the market.

For instance, Bitcoin traded between $20k and $21k, having broken through key supports at $27k and $25k prior to the news. Ethereum followed a similar trajectory, trading between $1,100 and $1,200, after breaking through its $1,440 support. Later, Bitcoin and Ethereum briefly plunged to $18k and $900 respectively, but this wasn’t due to the interest hike. Rather, it was the market witnessing further sell-offs because of ballooning inflation and looming recession.

These sell-offs were also compounded by alarming events experienced by key industry players during the week. Celsius and Babel Finance froze withdrawals, while investors withdrew from Three Arrows Capital.

Weekly Recap: SNX and SHIB Defy Market Sentiments, Accrue Huge Gains

Top Gainers: SNX, SHIB Make A Comeback, STORJ Increases By 116%

Synthetix (SNX)

After two months of decreasing value, SNX made a comeback last week. The coin, which traded at $2.25 at the beginning of the week, grew by over 46% to hit $3.28. This was attributed to Synthetix’s collaboration with Curve Finance. With this collaboration, Synthetix – a L2 scaling solution – created Curve pools that allowed investors convert synths (e.g. sETH and sBTC) to tokens.

This liberty given to investors made the protocol to accrue over $1.02 million in trading fees – five times more than Bitcoin’s daily performance.

Storj (STORJ)

Slowly but surely, STORJ crept its way to the top this past week. The token of a decentralized cloud storage network moved from $0.36 and peaked at $0.78 by the end of the week. This signified an increase of about 116%. As at writing, the coin traded at $0.7155.

Waves (WAVES)

For most of last week, WAVES traded sideways at the $4 range. But as the week drew to a close, it began to make waves, surging to $7.02 from $4.63. As at press time, WAVES was trading at $6.95.

Basic Attention Token (BAT)

Despite bears currently governing the market, it was a “green” week for BAT. The token which powers a blockchain-based digital advertising platform thrust itself into the spotlight as it clinched a spot in the top gainers list. Gaining over 43%, BAT increased from $0.28, peaked at $0.40, before settling at $0.36.

Uniswap (UNI)

UNI also experienced a “green” week. The coin glided from $3.55 on 13th June, hit a resistance at $4.43 on 16th June, broke through the resistance to peak at $5.09, before trading at $4.74. A possible reason for this surge in value may be the hiring of Stacey Cunningham, former NYSE president, as an advisor for Uniswap Labs.

Shiba Inu (SHIB)

Dog-based meme coin SHIB has been plummeting in value for several weeks. In fact, it topped the list of tokens Americans wanted to sell most. For most of last week, it didn’t do much to change this opinion. It kept vacillating between $0.0000080 and $0.0000089. However, by the end of the week, it became the number one crypto asset held by Ethereum whales, racking 23% gains within days.

With this news, it skyrocketed to $0.000012, and is trading at 0.00001029 as at press time.

Top Losers: BNT, KCS Continue To Lose To The Market

Bancor (BNT)

While Bancor (BNT) may be the first DeFi protocol, the performance of its token is currently lackluster. This is mainly the result of the bearish market. Last week, the protocol paused its Impermanent Loss Protection feature which protects Liquidity Providers. The Bancor team cited harsh market conditions as a reason for the pause.

BNT opened the week at $0.88 on 14th June and plunged to $0.44 by 19th June.

Kucoin (KCS)

KCS continued its downward trajectory this past week. From $11.81, it plummeted to $9.21 before trying to gain some value by the end of the week.

XCAD Network (XCAD)

With the current market decline sweeping off up to 54.9% of XCAD’s value, the token was among the week’s biggest losers. It crashed from $4.19 to $1.89. As at press time, XCAD traded at $2.98.

Uma (UMA)

UMA started off the week well, growing from $1.98 to $3.49. However, as the week drew to a close, it gave up about 28% of its value, falling to $2.51.

Moonbeam (GLMR)

GLMR registered some gains after Chainlink integrated with Moonbeam to provide price data to Polkadot developers. Between 14th and 16th June, it traded between $0.85 and $0.95. But it later dropped to $0.57, losing about 40%. As at press time, GLMR has a market price of $0.6371.

DeFiChain (DFI)

This past week saw DFI losing about 32% of its value, as it crashed to $0.92 from $1.36. As at writing, the coin trades at $1.01.

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