Dogwifhat, Ethereum Name Service, THORChain, Arweave, and Pepe Are This Week’s Top Losers

This week has been rough several coins, as seen from their price movements. This week's plunges can be attributed to yesterday's red monday which saw several tokens loose out, leaving no gainers as of the last seven days.

Several major cryptocurrencies experienced significant losses this week, with some tokens losing up to half of their value in the past seven days.

A glance at the seven-day price charts reveals that Pendle, a decentralized finance (DeFi) protocol native token, emerged as this week’s biggest loser among the 100 top cryptocurrencies by market capitalization. Pendle (WIF) price dropped by an impressive 40% over the past week, despite showing signs of recovery on Monday. At the time of writing, WIF price trades at $1.41 with a market cap of $1,411,298,361.

Pendle token price plunged earlier this week after a group of five wallets, possibly belonging to a single entity, sold over 14.53 million $WIF tokens on August 3. At current prices, the tokens sold by the wallets were worth around $24 million, leading to a sharp decline in the token’s price.

Another major cryptocurrency that faced significant losses this week was Ethereum Name Service (ENS) token. The decentralized domain name service token saw its price drop by 35% over the past seven days. Currently, ENS price trades at $17.69 with a market cap of $580,681,122.

The price of ENS token dropped earlier this week after the token lost its uptrend and failed to find support at the $20 resistance level. As reported by some members of the crypto community, the token was earlier observed to be preparing for a new uptrend after bottoming out last month.

However, the token’s price failed to continue rising after August 3, and instead started showing signs of a downtrend.

THORChain (RUNE) token price also faced significant losses this week, dropping by 34.9% over the past seven days. At the time of writing, RUNE price trades at $3.06 with a market cap of $1,036,903,227.

Rune token price began showing signs of a downtrend earlier this month after the token failed to continue rising past the $3.5 resistance level. Analysts earlier predicted that the token could continue correcting until September as time-based Fibonacci retracements suggest.

Cryptocurrency prices crashed on Monday after several tokens faced losses of up to 15% in a single day, with Bitcoin and Ether prices also dropping by 7% and 9%, respectively.