The overall cryptocurrency market is deeply bearish, with almost every coin in the top 100 trading in the red at the time of writing.
Top cryptocurrencies
Bitcoin has fallen roughly 3% over the past 24 hours and is trading around $38,500. Ethereum and Binance Coin are each down about 5%. The biggest loser among the top 20 is NEAR Protocol, which has dropped 10%.
XRP leads the pack in weekly losses, declining more than 11% over the past seven days. Terra’s LUNA lost 3% of its value today, but it remains the only crypto in the top 20 to show weekly gains, up about 16% over the past seven days.
Big movers
Most top-100 coins have fallen between 4% and 6% today. Notable declines include Cosmos, Neo, Theta Network, and Holo, each down roughly 9%; UniSwap, Chiliz, Loopring, and Secret, each off about 10%; and Aave, which dropped 11%.
Waves, created by Ukrainian developer Alexander Ivanov, lost 12% of its value despite strong community support. Zilliqa and Audius, which both saw recent rebounds, fell about 13% each.
The largest loser among the top 100 is Moonbeam, which slid 16%. About ten days ago Moonbeam rose 15% after participating in several major international crypto events and reaching a milestone in total value locked on its platform.
On the positive side, gains are modest: only two coins are showing small increases. Amp and ApeCoin have each gained roughly 1%.
Trending tokens
Two tokens are drawing attention today. Bend DAO’s token (BEND) surged 866% in the past 24 hours. Bend is a decentralized, non-custodial lending and borrowing protocol backed by NFTs, where users can join as depositors or borrowers.
Market events often spark new token activity, and today’s other breakout is a meme-themed token created after Elon Musk announced he had secured financing to buy the social media company. The token, named ELON BUYS TWITTER, jumped about 564% over the last 24 hours.
ELON BUYS TWITTER aims to give meme creators opportunities to earn and to monetize their work, helping emerging creators showcase their talent to a wider audience.