As the broader crypto market struggles to find momentum for the next upward leg, several cryptocurrencies representing layer-1 blockchains are down heavily in the week.
With a plunge of more than 20% over the past seven days, the token powering the proof-of-stake blockchain Tezos (XTZ) has led losses for this category.
After hitting a two-week low of $1.14, XTZ climbed to $1.21 earlier on Wednesday before another slide took the asset down to $1.15 by press time, according to CoinGecko.
Avalanche (AVAX), the world’s 18th-largest cryptocurrency with a market cap of over $5.6 billion, has been in the downturn for nearly a month now. Though the coin hovered near $21 on February 22, the coin now trading at $17.3, per CoinGecko.
The past week was also bearish for Fantom (FTM), the native cryptocurrency of the eponymous blockchain, which is down 13% over the span, currently trading at $0.43.
Polkadot (DOT), the industry’s 14th-largest asset with a market cap of $7.6 billion, is meanwhile down 3% over the day and almost 12% in the past day.
Polkadot may be one of the top blockchain projects in terms of developer activity, but price-wise this has helped little. DOT, which is currently trading at $6.31, is still almost 89% off its all-time high of $54.98 posted in November 2021.
Elsewhere, tokens underpinning other notable layer-1 projects such as Algorand (ALGO) and Cardano (ADA) are down 10.4% and 9.4% over the week, respectively.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Crypto-stealing malware Inferno Drainer remains in operation despite publicly shutting down—and has has been used to snatch over $9 million from crypto wallets over the past six months.
According to cybersecurity firm Check Point Research, over 30,000 crypto wallets have been drained by the resurgent malware campaign, whose developers claimed to have ceased operations in November 2023.
Deep Dive into Inferno Drainer Reloaded: tracing malicious smart contracts, decrypting drainer configs, and fu...
Zerebro creator Jeffy Yu, who supposedly committed suicide last weekend, has been found alive by a reporter at his mom and dad’s house.
The 22-year-old dev was discovered Wednesday by the San Francisco Standard, which found him padding around in flip-flops. He was visibly shocked at being found.
Yu claimed he had been “doxxed” and “harassed,” and lamented that his poor parents would now have to move house.
“You can see the PTSD in my eyes, right?” he said, before telling the reporter to leave....
A slew of tech bros—including the richest man in the world, Elon Musk—have adopted Mog Coin’s crypto-famous branding, apparently leading the Ethereum and Base token to pump 51% on the week, per data from CoinGecko.
Mog Coin (MOG) is a meme coin referencing the slang phrase “mogging” or “to mog,” a term that originated on controversial image board 4Chan in 2016, according to KnowYourMeme. Put simply, it means to dominate somebody or something, often via physical strength or good looks.
However, t...
