The week under review was the last full week of August 2023.
Over the period, JPEX said that it would be taking legal action against all manner of persons (slanderers and rumourmongers) who continue to tarnish the image of the cryptocurrency exchange.
Middle Eastern country Oman invested $370 million in a crypto mining centre while Nate Chastain, a former executive of OpenSea NFT marketplace was given a three (3)-month sentence.
Tornado Cash, the crypto protocol used extensively due to its privacy features, was in the news again with its founders charged by U.S. authorities who believed they had helped launder more than $1 billion. Circle is behind the USDC stablecoin and over the week it disclosed that it will be adding the digital asset to six (6) more blockchains which will take the number of chains its deployed on to fifteen (15).
As these major players trended online, some JPEX traders saw gains while others suffered steep losses.
Among the more than one hundred (100) cryptocurrencies supported by the exchange, Bone ShibaSwap (BONE), and dYdX (DYDX) were the best-performing.
Blur Token (BLUR), Pepe Token (PEPE), and ApeCoin (APE) were among the worst-performing cryptocurrencies during the week.
Below, JPEX takes an in-depth look at the metrics behind their respective performances.
Bone ShibaSwap (BONE) was the best-performing cryptocurrency
BONE is one of the tokens playing an integral role in the Shiba Inu ecosystem, aside from SHIB, the novel token of the entire project.
Over the week, BONE went up by 20% due to the exploits of Shibarium, the layer two (2) scaling solution of Shiba Inu which will see the protocol compete squarely with other smart contract chains such as Ethereum, Solana, Internet Computer, and others.
While many coins and tokens suffered due to a lack of liquidity, the token’s daily trading volume ranged between $9 million and $23 million. After opening the week on Sunday, August 20 at $1.418, the token reached a weekly high price of $1.4484, tested a weekly low price of $1.1410, and closed the period at $1.3801.
BONE market capitalization rose from approximately $282 million to around $317 million.
It remains to be seen if BONE can take advantage of the expansion of the Shiba Inu ecosystem and reach new milestones in the future.
dYdX (DYDX) spiked more than 10%
According to CoinMarketCap, DYDX is the novel token behind the layer 2 protocol of what it described as the eponymous non-custodial decentralized cryptocurrency exchange dYdX.
Over the period, the token soared by 12% despite an overall bearish market for the majority of digital assets.
While many assets struggled for investor money, DYDX expressed in the trading volume category as it saw a daily minimum of $34 million and a maximum of $78 million.
The project’s market capitalization ended up spiking to $326 million from $300 million. DYDX opened the week at $1.9697, soared to a weekly high price of $2.2042, dropped from the high to a weekly low price of $1.8726, and closed on Saturday, August 26 at $2.0861.
Pepe Token (PEPE) was among the worst-performing tokens
PEPE joined the number of memecoins on the market in 2023 and it improved the categories’ market capitalization massively.
Unfortunately, the buzz around the meme coin seemed to have died off completely, and millions of traders have let go of their PEPE holdings.
This led to a 23% plunge in the token’s price from an opening week price of $0.000001134 to a weekly low price of $0.0000008046. PEPE eventually closed the period at $0.0000008679.
Daily trading volume ranged between approximately $45 million and about $276 million.
The project’s market capitalization saw around roughly $100 million wiped off it from $440 million to $340 million.
Despite the price decline, PEPE trails only Dogecoin (DOGE) and SHIB in the ranks of the top memecoins by market capitalization.
It commands more market value than others such as BONE, Floki Inu (FLOKI), Baby DogeCoin (BabyDoge), Dogelon Mars (ELON), and Doge Killer (LEASH).
ApeCoin (APE) also decreased by more than 10%
APE, the novel token of ApeCoin, an ecosystem made up of NFTs and other Web3 essentials saw its value drop by 12% over the week.
APE is primarily supported by the Bored Ape Yacht Club (BAYC) and the performances of sister projects such as the Mutant Ape Yacht Club (MAYC), and the Bored Ape Kennel Club (BAKC) also contribute to its value in the saturated crypto asset market.
APE did not fare well in the first seven months of 2023 and the story continued during the last full week of August.
While daily trading volume remained impressive ($36 million to $74 million), its price continued to hover below $2.
APE opened the week at $1.6041, reached a weekly high price of $1.6343, tested a weekly low price of $1.3994, and closed the period at $1.4162.
APE market capitalization took a $65 million hit from $587 million to $522 million. Global NFT market sales continue to decline due to a lack of patronage.
The rise of BAYC sales and an expansion of the ApeCoin could lead to a turning point in the price patterns of the cryptocurrency.
Blur Token (BLUR) also plummeted by more than 10%
BLUR is the novel token of Blur, the NFT marketplace that competes with OpenSea, X2Y2, Rarible, LooksRare, and others.
The total trading volume of NFT marketplaces continues to go down and this has impacted BLUR negatively.
The token went down by 11% during the week. It opened at $0.2268 on Sunday, August 20, rose to a weekly high price of $0.233, tested a weekly low price of $0.1995, and closed the period at $0.2024.
Investors poured between $17 million and $29 million into the token daily while its value on the market descended to $177 million from $195 million. The token was down by 11% within the period. Blur NFT Marketplace volume for August, as of writing was around $170 million, and that was more than any other competitor.
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