JPEX’s Review of the Best Weekly Gainers in the Last Week of October
The month of October has been one of the revivals in the price of cryptocurrencies. JPEX did a thorough review of the performance of digital assets within the last full week of the month. Within the period, JPEX found Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), Flow (FLOW), and Ethereum Classic (ETC) to be the biggest weekly gainers. During the week, Western Union (WU) joined other companies such as Formula 1, Ford Motors, and Sony Music in filing three trademark applications as it aims to enter the Metaverse. Other assets such as Solana (SOL), Ethereum Proof-of-Work (ETHW), Avalanche (AVAX), Cosmos (ATOM), and Cardano (ADA) also saw significant gains.
Dogecoin (DOGE) Spiked by 80%
DOGE is the native asset of the Dogecoin ecosystem which was founded by Billy Markus and Jackson Palmer in 2013. As one of the oldest cryptocurrencies in a space where more than 21,000 digital assets fight for investors, DOGE opened the week on Sunday, 23rd October with a price of $0.05968. After reaching a weekly low of $0.05886 on Monday, 24th October, whispers of Elon Musk, the Self-Proclaimed DogeFather completing the purchase of social media Twitter led to a spike in DOGE’s trading volume.
The positive effects of Elon Musk’s association with DOGE led to an 80% spike in the price of the coin to a new high of $0.1076 on Saturday, 29th October.
There was also a 2,380% increase in trading volume from $183 million on Oct. 23 to approximately $4.5 billion on Oct. 29. This is the reason why analysts at crypto forecasting portal Coin Price Forecast estimates a $0.13 valuation for DOGE by the end of 2022.
Shiba Inu (SHIB) Rose by 26%
SHIB is the novel token of the Shiba Inu ecosystem which boasts of a decentralized exchange (DEX) called Shibaswap and its own Metaverse called Oshiverse. SHIB opened on Sunday, 23rd October with a trading price of $0.000009998.
The token reached a weekly low of $0.000009887 on Monday, 24th October. Due to a revival in the interest in cryptocurrencies, SHIB soared more than 930% in trading volume from $114 million on its opening day to $1.2 billion on Saturday, 29th October. On the same day, SHIB reached a weekly high of around $0.00001268.
Overall, this equated to a 26% rise in price within the last full week of October. Analysts David Cox at CryptoNewsZ has predicted SHIB to trade for a minimum price of $0.0000093, and a maximum price of $0.0000140.
Ethereum (ETH) Ascended by 25%
Ether (ETH) is the native asset of the Ethereum ecosystem. Ether is one of the most used cryptocurrencies as it functions as a transactional currency as well as a governance token.
After trading below $1,500 for some time, the coin has finally broken out towards a path to possibly $2,000 by the end of the year. ETH opened on Sunday, 23rd October with a trading price of $1,314.25, reached a weekly low of $1,302.91 on the same day, and was exchanging hands for $1,645.45, as of writing which also happened to be its weekly high. Overall, there was a 25% increase in ether’s price within the week. Analysts at Digital Coin Price believe positive market sentiment towards the end of the year could see ETH trade for an average price of $1,649.38, the lowest possible price of $1,385.28, and the highest possible price of $1,985.13.
Flow (FLOW) Soared by 20%
As the native asset of the Flow ecosystem, FLOW oversees transactions of non-fungible tokens (NFTs) on the Flow blockchain which was purposely built with the NFT market in mind. The coin opened the week on Sunday, 23rd October with a trading price of $1.47, reached a weekly low of $1.44, and a weekly high of $1.78 on Saturday, 29th October.
A price rise made FLOW one of the biggest gainers of the week as it soared by 20%. Flow continues to play an integral role in the trading life of the NBA’s Top Shot as well as the NFL’s ALL DAY.
As of 29th October, Flow was the fourth-biggest NFT blockchain with an all-time sales volume of $1.1 billion ($9.3 million of that was in the first 29 days of October), according to NFT data aggregator CryptoSlam.
Ethereum Classic (ETC) Went Up by 15%
ETC is the native asset of the original Ethereum blockchain. ETC has seen significant demand in the past six weeks due to Ethereum’s transition to Proof-of-Stake (PoS) from a Proof-of-Work (PoW) network in September. On Sunday, 23rd October, ETC opened at $23.24, reached a weekly low of $22.39 on Tuesday, 25th October, and tested a weekly high of $26.77 on Saturday, 29th October. This corresponded to ETC rising by 15% within the week.
SOL, ETHW, AVAX, ATOM, and ADA also saw double-digit gains in the last full week of October.