Bitcoin Was Muted, Dogecoin Spiked, But The Icing On The 'Cake' Last Week Was A 62% Rally In This Token

The cryptocurrency market was influenced by Bitcoin’s BTC/USD stagnation last week, although certain coins staged remarkable gains.

What happened: CAKE, the token of the decentralized exchange PancakeSwap, topped the gainers’ list, returning a massive 62% to its holders in the last week.

The BNB Chain BNB/USD-based coin’s growth was catalyzed by a sharp jump in trading volumes on PancakeSwap, worth over $27 billion over the last week, according to DeFiLlama.

S, the native token of the high-speed blockchain platform Sonic, was the second-most successful coin, surging 33% over the week. Proof-of-work cryptocurrency Kaspa rallied over 25% to bag the third spot.

See Also: Brian Armstrong Wants To Handle Growing Volumes Of Memecoins By Adding DEXes Into Coinbase: ‘A Little Bit Like The Early Days Of The Internet’

Blue-chip coins like Bitcoin BTC/USD and Ethereum ETH/USD remained rangebound, gaining 0.98% and 0.81%, respectively.

XRP XRP/USD clocked double-digit gains of 11.55%, while Dogecoin DOGE/USD grew 6.17%, following the SEC’s acknowledgment of their respective Grayscale ETF applications.

Other meme coins like Shiba Inu SHIB/USD traded flat, while President Donald Trump’s Official Trump TRUMP/USD token lifted over 14%.

Overall, the total cryptocurrency market capitalization rose marginally by 0.9% over the week to $3.19 trillion.

Photo Courtesy: Akif CUBUK on Shutterstock.com

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