Crypto market’s weekly winners and losers – PEPE, UNI, AKT, FTM
Is Crypto Too Unstable for Safe Investment?
This week in the cryptocurrency market, Pepe (PEPE), Uniswap (UNI), and Lido DAO (LDO) emerged as the top gainers. Pepe notably hit multiple all-time highs, marking a significant 57.62% increase. Conversely, Arweave (AR), Akash Network (AKT), and Fantom (FTM) faced the steepest declines, with Arweave leading the losses at 14.73%. The fluctuations underscore the market's volatility, emphasizing the importance of thorough research before investing.
What were the specific market movements for Akash Network [AKT] during the week that led to its 9.44% decline?
Initial Decline and Brief Respite
The week for Akash Network [AKT] started with a downward movement from the $5.8 price zone to approximately $5.7. This initial drop set the tone for a challenging week ahead for AKT.
Temporary Gain and Subsequent Drops
There was a brief moment of reprieve on May 21st when AKT's price slightly recovered, reaching around $5.9. However, this gain was short-lived as subsequent price declines occurred, erasing any positive movement.
End-of-Week Status
By the end of the week, AKT was trading at around $5.3. This marked a significant decline of 9.44% over the week, according to data from CoinMarketCap, positioning AKT as the second-biggest loser of the week.
Continued Downward Trend
As of the latest update, the downward trend for AKT continued with its price hovering around $5.31. The market cap also reflected a nearly 1% decrease, and trading volume had declined by over 38% to around $9.1 million. This consistent negative performance throughout the week contributed heavily to its overall decline of 9.44%.
What factors contributed to Pepe [PEPE] achieving multiple all-time highs during the week?
Pepe [PEPE] achieved multiple all-time highs during the week due to several factors. Firstly, the overall bullish sentiment in the crypto market, driven by the growth of major cryptocurrencies like Ethereum, played a significant role. Traders have been using meme coins like Pepe, Shiba Inu (SHIB), and Dogecoin (DOGE) as proxy bets on the growth of Ethereum and other major cryptocurrencies, hoping to capitalize on their upward trajectories.
Secondly, the hype surrounding Ethereum and the speculation about the potential approval of a Spot ETH ETF also contributed to Pepe's price surge4. As a meme coin built on the Ethereum blockchain, Pepe benefited from the spillover effect of Ethereum’s bullish momentum.
Additionally, the influx of new investors and the growing trust in the currency served as a solid foundation for sustained upward price pressure. The recent spike in PEPE holder base by over 25,000 within two weeks speaks volumes about the growing interest in the meme coin.
Lastly, the strong support levels and the bullish signals from technical indicators, such as the EMA Cross, also played a role in Pepe's price surge. The potential for PEPE’s price to continue its upward journey was highly anticipated, and it managed to surpass the resistance level of $0.0000089, embarking on a fresh bullish trajectory.