This week was one that ended the eighth (8th) month of the year in August and introduced the ninth (9th) month in September, which ends the third (3rd) quarter of 2023. Interestingly, JPEX announced an exclusive commemorative plaque related to JP-Chain Nodes. Aside from that, the eleventh (11th) JPC token burning exercise took place, which saw a significant number of the tokens removed from circulation. Many experts have compared this to Shibburn, which also removed SHIB tokens from the Shiba Inu ecosystem. Aside from this, JPEX, as part of expanding knowledge on blockchain technology and the cryptocurrency industry as a whole, partnered with Bitskwela to provide educational materials for those interested in knowing more about the decentralized finance-powered economy in the Philippines. Due to reduced liquidity, which is expressed in daily trading volume, JPEX delisted the SOS token, which ended the platform’s announcement for the week.
On the crypto scene, Grayscale Investments won its lawsuit against the Securities and Exchange Commission (SEC), which has led to a review of its spot Bitcoin (BTC) exchange-traded fund (ETF) application. X (formerly Twitter) went a step further in becoming an “everything app” by obtaining multiple licenses in several states in the US to process crypto payments. Lufthansa also embarked on a non-fungible token (NFT) loyalty program.
As these news stories trended, cryptocurrencies supported by JPEX such as Maker (MKR), Sui (SUI), Hedera Hashgraph (HBAR), Pepe Token (PEPE), and Astar (ASTR) became the assets with the most relevant weekly changes. Below, we take a look at the numbers behind their respective weekly performances.
Maker (MKR) rose by 10%
The bearish outlook of the market extended into September, as more than 95% of popular cryptocurrencies were in the red. Fortunately, MKR, the novel token behind Maker Protocol and Maker Decentralized Autonomous Organization (DAO), brought significant gains to holders of the tokens on the JPEX Platform.
Over the week, MKR began strongly with an opening price of $1,038.88 on Sunday, August 27. The token reached a weekly high price of $1,186.76 and tested a weekly low price of $1,005.77.
By the close of the week on Saturday, September 2, MKR was exchanging hands for $1,139.12.
While many cryptocurrencies suffered from liquidity issues, the token fared relatively well, with a daily trading volume ranging from around $52 million to approximately $143 million. The increment in price led to a slight rise in market capitalization from $1.05 billion to $1.11 billion (a $64 million rise in seven days).
According to analyst David Cox at CryptoNewsZ, MKR could reclaim its glory days by reaching an average trading price of $1,300 and the best possible trading price of $1,400 before the end of 2023.
Sui (SUI) was among the worst-performing cryptocurrencies
SUI is the cryptocurrency behind Sui, a smart contract platform that thrives on its layer one (1) ability to make digital asset ownership secure, accessible, and fast for all manner of people across the globe.
In the last days of August and early days of September, the token saw above-average daily trading volumes, but they were skewed towards selling off the crypto asset to lock in gains. Daily trading volumes ranged between around $67 million and about $163 million.
SUI opened the week at $0.5884, rose to a weekly high price of $0.5942, fell to a weekly low price of $0.4832, and ended the week at $0.491. The token fell by 17% in seven days, culminating in a significant drop in market capitalization to roughly $389 million from around $421 million.
Despite its troubles over the period, according to analyst Freddie Max at Price Prediction.net, SUI could reach maximum prices of $0.76 by the end of 2023, $1.71 by the close of 2025, and $11.04 by the year’s end of 2030 (long term).
Hedera Hashgraph (HBAR) declined by 14%
HBAR is the native asset behind Hedera, a project that tags itself as a sustainable, enterprise-grade public network that enables businesses and individuals to create powerful dApps.
As one of the projects that has gradually gained ground as a potential Ethereum Killer, Hedera continues to form partnerships and is patronized by several developers for their projects.
Over the course of the week, the project disappointed massively. Like Sui, HBAR saw above-average trading volume in the range of $57 million to $86 million. Unfortunately, that range was attained because many holders did not want to keep their coins anymore. This led to a steep decline in its market value from $1.9 billion to $1.6 billion.
With an eye on the numbers, HBAR opened at $0.05794 on August 27, reached a period high of $0.05929, fell to a period low of $0.04797, and closed the week at $0.04971.
Daria Morgen at Changelly Blog believes HBAR’s price will rise in the future. According to her, HBAR could attain the best possible prices of $0.110 by the close of 2024, $0.320 by 2027, and $2.16 by the end of 2032 (long term).
Astar (ASTR) dwindled by 11%
ASTR is the native asset behind Astar Network, a platform that helps developers build layer two (2) solutions and dApps by using the possibilities of its Web3 infrastructure.
ASTR saw daily trading volumes below $20 million. While this was above the volumes ($6.6 million and $16.6 million) of millions of cryptocurrencies on the market, it was far below the standards of a project that once reached an all-time high (ATH) price of $0.3353 in April 2022.
ASTR’s 11% decline came about after it opened and closed the week at $0.0623 and $0.05531, respectively. In between was a weekly high price of $0.06359 and a weekly low price of $0.05494.
According to the Digital Coin Price, ASTR could close 2023 with an average price of $0.11 and the best possible price of $0.12.
Pepe Token (PEPE) disappointed once again
Having added to the market capitalization of memecoins in the opening months of April, PEPE has disappointed many holders as it continues to shed its price.
Over the week, its market capitalization took another hit, with more than $30 million wiped off from its opening value of around $351 million to about $307 million.
Much to the surprise of many, traders have not forgotten about PEPE as they continue to pour millions of dollars into the asset.
With a minimum of $49 million and a maximum of $132 million, PEPE holders should not be afraid, as the asset does not look like it will be heading for extinction zones in the future based on the daily trading volumes.
PEPE closed the week at $0.000000784 after opening at $0.0000008679. PEPE’s weekly high and low were $0.0000009127 and $0.0000007621, respectively.
Analyst Elena R. at CoinPedia foresees PEPE rebounding in the future with an estimated price of $0.0000013437 before the end of 2023.