The cryptocurrency market encountered headwinds last week, although a few under-the-radar coins notched up significant gains.
What happened: IP, the native token of Layer-1 blockchain Story, powered above the rest of the market with a whopping 138% jump last week.
Launched just 10 days ago, the token spawned a billion-dollar valuation last week, cruising to a peak value of $7.11.
The blockchain project helps creators register, license, and monetize their intellectual property assets, with IP used for paying transaction fees.
S, the native token of the high-speed blockchain platform Sonic, came a distant second, surging 58% over the week. The coin has been on an upward curve in February, up over 56% over the last month.
Ethereum ETH/USD-based MKR token, serving as the utility and governance token of stablecoin issuing protocol Maker, rallied 53% to become the third-most successful coin last week.
| Cryptocurrency | Gains +/- | Price |
| Story (IP) | +138.85% | $3.96 |
| Sonic (S) | +58.32% | $0.865 |
| Maker MKR/USD | +53.28% | $1,536 |
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Market barometer Bitcoin BTC/USD contracted 0.83%, while ETH eked out a gain of 1.69%.
Other large-cap currencies like Solana SOL/USD and Cardano ADA/USD bled 13.57% and 8.56%, respectively. XRP XRP/USD also slipped 3.71%.
Popular meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD were also hit by the bearish wave, slumping 12.50% and 6.52%, respectively.
The sentiment was majorly hit by the massive $1.4 billion ETH hack on cryptocurrency exchange Bybit, allegedly executed by North Korean state-backed actors.
Overall, the total cryptocurrency market capitalization contracted 1.8% over the week to $3.13 trillion.
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