Oops, something went wrong, please try the following steps:

  1. Reload the page;
  2. Clear the cache in your browser;
  3. Try another browser;
  4. Disable/Enable VPN.

If these steps do not help, please contact our support at: [email protected] or use this link. We will get back to you as soon as possible.

  • Main
  • Blog
  • Market
  • Weekly Recap: Waves and Aave Brave Bear as Terra Falters

Weekly Recap: Waves and Aave Brave Bear as Terra Falters

Aave continues its impressive performance in the past weeks, while Anchor and Terra Classic yet cannot wade the recent Terraform storm.

It was another tough week for the crypto market as the industry struggles amid increased scrutiny and regulations. The crypto market ended the week at a total market cap of 1.215 trillion, losing another $62 billion in the past 7 days.

There have been a few positives in the past few days, however. Since Sunday, the market has gained $52 billion, as analysts hope Bitcoin can break the $32,000 resistance. Meanwhile, not only are coins like Bitcoin and Ethereum seeking to retrace major losses, Terraform tokens are likewise seeking what could be the most significant comeback in crypto history.

Terra’s new blockchain 2.0 launched last week Tuesday, with the new LUNA tokens going live shortly after. However, not even the novelty of an airdrop could save the token from the market’s bear.

Despite the struggle of the market, tokens like Cardano and WAVES waded the waters to rack up some gains. Unfortunately, Terraform’s coins and its dependent tokens, such as Anchor, continue to flounder.

Weekly Recap: Waves and Aave Brave Bear as Terra Falters

Top Gainers: WAVES Leads Others, Retrace Major Losses

Waves

Following Bitcoin's brief break above $32k, several altcoins followed suit and performed admirably. One of these coins is WAVES. This blockchain platform may have finally put an end to its losing streak.

WAVES has risen more than 110% in the last seven days, from a low of $4.13 to a high of $10.45. The price hike could be attributed to the protocol’s "DeFi revival plan." The new strategy aims to make its users “whole” by restoring the depegged USDN stablecoin. It also plans to restore full functionality to its DeFi Protocols.

However, the altcoin has fallen 15% since its peak, with a price of $8.82 at the time of writing. Although the development is encouraging, the protocol is still 85% lower than its all-time high.

Helium

Helium (HNT), popularly known as "The People's Network," has seen some bullish moves in the last week. HNT touched a recent high of $10.24 on Monday, its highest level since mid-May.

The protocol, like WAVES, has recently received some attention. Moreso, HNT has soared by 24% in the last seven days, and its price at the time of writing is $9.36. The uptick occurred following the latest statement about the blockchain's proposed enhancement. The idea aims to provide a framework that would allow subnets to have their own coin and governance.

Cardano

The price of Hoskinson’s community-rich project has been declining for a while. Meanwhile, the community awaits the much-anticipated Vasil hard fork.

After recording its high of $0.75 in early May, ADA’s prices have sunk to $0.4. However, the major coin retraced some of its losses in the past week, climbing by roughly 19%. The surge could perhaps be related to Iagons’ launch of an Ethereum-Cardano token bridge. Additionally, a report suggests that the fundamental driver of Cardano’s price is an increase in its native asset issuance. ADA is trading at $0.607 at the time of writing, down 11% from its weekly high of $0.689.

Aave

Aave has maintained its position as one of the market's best-performing DeFi coins. After achieving double-digit returns the previous week, this liquidity protocol pulled it off again. AAVE's price has surged from roughly $95.5 to a high of $124 within the past week. This indicates an increase of more than 20%. In addition, the token's seven-day low is at $89.5. At the time of writing, Aave was trading at $117.9.

Stellar

Stellar has had an enduring tough time, and last week’s modest resurgence might be reassuring for its community. In the previous seven days, the XLM coin of the decentralized payments network has skyrocketed by more than 12%.

An announcement of a collaboration between MoneyGram International and Stellar Network might be responsible for the positive shift. The agreement also calls for the development of a stablecoin infrastructure to facilitate money transfers. Technically, this revision may have been the catalyst for Stellar’s four daily green candles. XLM currently trades at $0.146 at the time of writing, up by more than 47% from its bottom in May.

Top Losers: Terra-based ANC and Luna Classic Lead the Losing Pack

Anchor Protocol

Anchor Protocol (ANC) has featured on the loser's list since Terra’s implosion. During the LUNA saga, the DeFi platform, which is built on the Terra Classic blockchain, was predictably impacted.

Although Terra’s collapse was a catalyst, it isn’t all to blame. ANC has consistently dwindled since its previous monthly high of $6.2 in March. Since then, the altcoin has lost more than 95% of its value. Likewise, in the last seven days, ANC has slumped by 40%, with a price of $0.208 at the time of writing.

Terra Luna Classic

Terra Luna Classic (LUNC), formerly known as LUNA, still trades on many major exchanges, including ChangeNOW. The beleaguered coin plummeted by more than 43% in the past week.

Despite CEO Kwon's initial efforts to resurrect it, LUNC has faced significant backlash since its demise. At present, LUNC is worth $0.0001059; an unbelievable distance from its high of $84 in May.

Ellipsis

Ellipsis (EPS), a Curve Finance authorized fork, is the latest to record more than 40% losses in the last week. Last Monday, EPS surpassed $0.31 before retracing its gains in the opposite direction. The Binance smart chain-based token appears to be approaching its next support level of $0.10. At writing, EPS trades at $0.13 per token.

STEPN

STEPN was the leading move-to-earn token a few months ago, setting new all-time highs. Conversely, the excitement surrounding the move-to-earn ecosystem has dwindled dramatically, especially with BTC's bearish move.

The popular move-to-earn token was worth $4.18 on April 28 but has since nosedived. GMT likewise plunged by more than 17.50% in the last seven days and is now worth less than $1.5. The value of the token decreased after blocking mainland Chinese users from its mobile app.

ApeCoin

ApeCoin, the Bored Ape Yacht Club-affiliated crypto, fell to $5.8 from a recent high of $8.5 last Monday. APE is currently approaching its previous support level, having lost about 8% this week. Some analysts forecast a further decline of the Ethereum-based token to $2. APE, which has a market cap of almost $2 billion, is trading at around $6.7 at the time of writing.

MarketNews
Exchange Crypto
icon-btc
BTC
icon-eth
ETH

Unlock the power of exchange with Pro features

  • Staking
  • Cashback
  • VIP plan for free
  • More benefits