IP Token From Story Blockchain Skyrockets 138% Last Week, Market Cap Contracts 1.8%

The cryptocurrency market encountered headwinds last week, although a few under-the-radar coins notched up significant gains.

While the cryptocurrency market encountered headwinds last week, a few under-the-radar coins notched up significant gains.

Here's a look at the biggest gainers among the smaller-cap coins, and what drove their price movements:

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)-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.

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Market barometer Bitcoin (BTC) contracted 0.83%, while ETH eked out a gain of 1.69%. Other large-cap currencies like Solana (SOL) and Cardano (ADA) bled 13.57% and 8.56%, respectively. XRP (XRP) also slipped 3.71%.

Among the meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) 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.