The crypto market witnessed significant developments and fluctuations in the past week as market catalysts shaped the landscape. Per Santiment, a market intelligence platform, among the notable events, Bonk Token (BONK) took center stage after Coinbase announced its listing. At the same time, Injective Protocol (INJ), Solana (SOL), and Internet Computer (ICP) showcased impressive performances.
📊 This week in trending tokens, we saw #Coinbase’s listing of $BONK cause major waves for the new #memecoin. Additionally, $INJ, $SOL, and $ICP have continued their impressive decouplings from the #altcoin pack. Read our full breakdown! 👇 https://t.co/5y4ey54ouspic.twitter.com/0W9s7VN68I
— Santiment (@santimentfeed) December 19, 2023
Coinbase’s announcement of listing Bonk Token sent shockwaves throughout the crypto community on December 14. The social volume and trading frenzy surrounding BONK surged, propelling its price to reach highs of $0.00002604. The token changes hands at $0.0000215 during this press.
INJ had a remarkable day on December 11, as its price skyrocketed, reaching a peak of $24.32. Santiment claimed that an upcoming airdrop for stakers further fueled the excitement surrounding INJ. According to CoinMarketCap, INJ is trading at $38.54, a 23% rise over the past 24 hours.
Between December 11 and 17, SOL, currently at $75.40, experienced a surge in popularity attributed to several high-profile projects and partnerships. Santiment added that the growth of Solana’s ecosystem and its challenge to Ethereum’s dominance in Web3 were trendy topics among traders and enthusiasts.
On December 17, ICP made headlines by ranking number one on Santiment’s trending tokens list. The coin reached a high of $11.56, and market optimism was palpable. Traders reportedly enjoyed substantial profits, with a 132% profit margin. At press time, the cryptocurrency was changing hands at $10.03, a 7% surge in the past 24 hours.
Per Santiment, MIR Coin (MIR) experienced a surge in positive sentiment on December 17 following a strategic partnership with a prominent blockchain infrastructure entity and a key software update.
In contrast, SushiSwap (SUSHI) witnessed a dip in sentiment due to a front-end exploit that raised security concerns between December 11 and 17. Additionally, MEX and Gas Token faced sentiment slumps owing to security issues and high transaction fees.
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