Crypto markets crashed by over $500 billion this week, one of the space’s worst weeks in history.
Barring stablecoins, all of the top-50 cryptocurrencies are set to end the week in negative territory. Terra’s massive crash has also changed the landscape of the largest cryptos.
However, barring UST and LUNA, there are several other tokens that marked heavy losses this week. While some of these are related to the carnage in Terra, others saw their own brand of bearish signals.
PancakeSwap (CAKE), Avalanche (AVAX), Near Protocol (NEAR) and Cosmos (ATOM) were the worst performing top-50 crypto tokens this week, data from Coinmarketcap shows.
PancakeSwap slumps nearly 44%
CAKE logged the biggest losses this week after UST and LUNA, tumbling nearly 44% to trade around $4.18 on Saturday. Traders took little support from the project proposing to cap the number of CAKE tokens at 750 million.
PancakeSwap, which is a decentralized exchange on the Binance chain, has also attempted to roll out staking and yield farming features. But traders are still hesitant to commit to long-term investments on the chain.
Avalanche (AVAX) lost about 43% this week, on fears that Terra will dump the $100 million worth of AVAX tokens it owns to increase liquidity. So far, Terra has not executed any such transaction. AVAX also made up a part of the Luna Foundation Guard’s UST-backing reserves.
Cosmos (ATOM) slumped 38% this week on also having ties to Terra. The blockchain’s DeFi applications are largely integrated with Terra, and as such, were exposed to UST selling pressure.
Other tokens, including ApeCoin (APE), Shiba Inu (SHIB) and Solana (SOL), which were already on a downtrend before the crash, saw intensified selling.
Which crypto won the week?
In the top-50 cryptos, and barring stablecoins, DeFi token Maker (MKR) was the sole gainer for the week, up nearly 12% at $1,488. The token, which is the governance token of DeFi platform MakerDAO, saw a huge boost as traders bet that the platform could plug the hole in DeFi left by Terra.
MakerDAO’s DAI stablecoin also saw a massive volume spike through the week. Unlike UST, DAI is traditionally collateralized.
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