Bitcoin, Dogecoin Were Muffled Last Week But Telegram's Pavel Durov Getting His Passport Back Gave Toncoin Its Wings
The cryptocurrency market witnessed a significant rebound last week, ably supported by leading memecoins and Telegram-linked Toncoin.
What happened: BNX, the native token of the GameFi platform BinaryX, topped the gainers list, exploding over 60% over the week.
The BNB Chain (CRYPTO: BNB)-based coin was just 10% away from bettering its all-time high set two years ago.
The rally came ahead of the project's rebranding to Four (FORM) to align with its newest product, Four.meme, an ecosystem for meme coins.
Toncoin, the native token of The Open Network, was the second most successful cryptocurrency over the week, returning over 34% to its holders.
The surge followed the recovery of Telegram founder Pavel Durov‘s passport from French authorities. The tech entrepreneur was detained in August 2024 amid an investigation into crimes related to child pornography, drug trafficking, and fraudulent transactions on the popular social messaging platform.
The decentralized exchange token CAKE followed with a 30% spike last week, aided by an 11% weekly increase in volumes on PancakeSwap.
See Also: House Committee Favors Stablecoin Regulation To ‘Strengthen’ Dollar: Majority Whip Says CBDCs Against ‘American Values’
Market leader Bitcoin (CRYPTO: BTC) eked out a gain of 1.10%, while Ethereum (CRYPTO: ETH), the second-largest cryptocurrency, fell more than 8% in a week.
Meme heavyweight Dogecoin (CRYPTO: DOGE) was broadly unchanged over the previous week, while Shiba Inu (CRYPTO: SHIB) and Pepe (CRYPTO: PEPE) outperformed with gains of 8.50% and 10.87%, respectively.
The total cryptocurrency market capitalization rose 4.5% over the week to $2.71 trillion.
Photo by Avi Rozen on Shutterstock
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Posted-In: BinaryX PancakeSwap Pavel Durov ToncoinCryptocurrency News Markets
