TOP / FLOP in week 14

Red and more red … This week, the results of the 50 largest cryptocurrencies in the world are not encouraging. Except for two! Yes, two cryptocurrencies have managed to hold their own. Discover below the 3 top and flop cryptocurrencies in week 14 among the world’s top 50.

TOP / FLOP in week 14

Top 1 – Monero (XMR): +11%

Monero is an open source decentralized crypto that specializes in manufacturing anonymous and untraceable transactions. It was launched in 2014 and quickly became popular among the crypto community. The main purpose of this crypto is to hide transaction amounts as well as sender and recipient addresses, making transactions anonymous.

Unlike many cryptocurrencies that hit their ATH towards the end of 2021, Monero was ahead and shone in May 2021. Since then, the price of the XMR has halved and is now trading around $ 230.

Monero is performing against the grain this week with one increase of almost 11%. XMR is today the 32ndth global crypto with $ 4.28 billion in market value.

Top 2 – Dogecoin (DOGE): +6%

The second best performance of the week is achieved by Dogecoin. Or should we say by Elon Musk? As always, entrepreneur Elon’s actions, Dogecoin’s top ambassador, influenced DOGE’s price action this week.

This week, Elon Musk shopped and decided to buy a piece of Twitter! The CEO of Tesla has paid about $ 2.88 billion and now has a 9.2% stake in the social network. The move came as a bit of a surprise when Musk had recently pointed the finger at free speech on Twitter.

Either way, Elon Musk’s new investment has given Dogecoin a boost. Result : 6 points earned in 7 days. Thanks WHO?

Now let’s move on to the week’s worst crypto performers.

Flop 1 – WAVES: -49%

Waves wins the sad medal for the worst fall of the week. Since the beginning of the year, Waves has shown extreme volatility, with 7-day performance ranging from insanely high to shockingly low. But there, it’s a true drama, played for Waves.

The Neutrino (USDN) is the main stablecoin that supports Wave’s blockchain. It is a dollar-backed stablecoin, so its value is supposed to remain very close to a dollar. But since the beginning of April, USDN can no longer keep its balance sheet. The USDN price completely stalled on April 4, falling to $ 0.6867.

Of course, this break had terrible consequences for the entire Waves blockchain. The price of the Waves token has thus lost 49% in the last 7 days.

If the reasons for the chaos are unclear, the Waves team’s response did not help the case. In fact, Waves founder Sasha Ivanov has publicly blame short position traders. There is no doubt that society did not really appreciate this reaction, which was surprising to say the least.

Flop 2 – Aave (AAVE): -26%

Aave is an important DeFi protocol on the Ethereum blockchain. Following the launch of its version 3 in mid-March, the price of the AAVE token had begun to rise nicely. This progress was also in line with Bitcoin’s bullish trend. The price of AAVE thus reached $ 260 on April 1st.

From there, the price clearly began to fall. To date, it is displayed 26% loss over the last 7 days and now stands at around $ 180. Aave is therefore trading at a price of 73% below its ATH of $ 666.86 reached on May 18, 2021.

Flop 3 – Axie Infinity (AXS): -23%

Axie Infinity is a money-making game that had a resounding success and a sharp increase in the second half of 2021. However, the trend had declined since the ATH of $ 165.37 reached November 6, 2021.

But the token had to deal with an event that accelerated its downfall. On March 23, 2022, the game Axie Infinity suffered one major attacks that led to the loss of $ 625 million in cryptocurrencies. A bad move for Axies …

The Axie Infinity team, starting with Alexsander Larsen (COO at Sky Mavis, the company behind the game Axie Infinity) acknowledges its full responsibility in this security flaw. The company managed to raise 150 million funds to compensate for part of the losses, and hopes to be able to recover all the funds within 2 years. Meanwhile, Axie Infinity has to deal with the emigration of players and the direct consequences on its course.

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