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It was another boring week for Bitcoin, but there was continued frenzy for the rest of the industry.
Bitcoin price topped $70,000 on Monday but is currently trading at $67,635, down about 2% in seven days.
The decline was partly due to news that defunct Bitcoin exchange Mt. Gox had moved $9 billion worth of BTC to undisclosed wallets yesterday, leading the market to think its creditors would soon be repaid.
Mark Karpelès, the former CEO of the exchange that has since collapsed, reassured people that “there is no imminent Bitcoin sale.”
The second-largest coin in the Ethereum world by market capitalization did not move at all all week, even after the historic approval of an exchange-traded fund (ETF) last week.
According to CoinGecko, the current price of Ethereum is $3,798. However, analysts say the coin may soon see a bull run.
But in the world of memes and alternatives, the action hasn’t stopped.
First, Sahil Arora, a promoter who partners with celebrities to launch cryptocurrency projects, launched a meme token with Caitlyn Jenner. The Solana-based project crashed cryptocurrency Twitter upon launch.
The Olympic gold medalist and member of the Kardashians said: decoding She had a falling out with Sahil and he said he owed her “a lot of money”.
The JENNER token has since plummeted and has been trading at heavy losses since launch.
However, the circus surrounding the celebrity and her move into the cryptocurrency space has helped push out other, more established tokens in the meme space. Dogwifhat and FLOKI were big winners this week, surging 15% and 14% respectively.
Dogwifehat is currently trading at $3.41. The price of Ethereum-based FLOKI is $0.0002588.
In other news, former FTX executive Ryan Salame was sentenced to 90 months in prison. And cryptocurrency exchange Gemini said on Wednesday it would pay out $2 billion worth of digital assets to customers of its Earn lending program.
In terms of big gains, the NOT token from Notcoin, a Telegram-based “social clicker” game, was the biggest winner of the week, surging 148% in seven days to $0.01354.
Hype for the project and token began after it launched “Earning Missions,” which allowed players to passively earn cryptocurrency rewards using the messaging app.
The current price is $0.01285.
Finally, the conviction of former President Donald Trump dominated this weekend. While the impact of this news on the broader market is hotly debated, it was good news for the Trump-specific meme coin, even after a notable plunge.
Edited by Ryan Ozawa.
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