The cryptocurrency market had a strong performance this week, with the market capitalization of all tokens surging to over $4 trillion for the first time, and the Bitcoin price hitting its all-time high. This article explains why some top cryptocurrencies like Epic Chain (EPIC), Chainbase ( C), and Sushi (SUSHI) are surging.
Epic Chain Jumps After Launching Ignition Fund
Epic Chain, formerly known as Ethernity, surged by over 90% on Friday. It jumped in a high-volume environment, with its 24-hour volume soaring to over $164 million, much higher than its market capitalization of over $62 million.
Epic Chain token jumped after the developers launched a $1 million Ecosystem Ignition Program. This program aims to expand its liquidity, accelerate adoption, and scale its entertainment ecosystem.
The new fund launch followed the developers’ announcement of the upcoming universal farming launch. This feature will help users stake their tokens, earn points, and unlock rewards.
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Chainbase Price Jumps After Binance Airdrop
Chainbase, a top crypto project on the Base Blockchain, jumped by over 80% on Friday after its recent airdrop. It jumped after Binance announced its airdrop to BNB holders. The company said that it will also list the token soon.
Chainbase has also announced partnerships with other exchanges like OKX and Bitget. Its partnership with OKX will see users compete for a prize fund of 200,000 C tokens, currently valued at over $82,000.
Chainbase also launched a feature that allows users to stake C tokens and earn rewards.
The risk, however, is that these post-airdrop surges are often short-lived as many insiders start to dump their tokens. A good example of this is Pump, which jumped earlier this week and then plunged.
SushiSwap Price Surges Amid Network Growth
Meanwhile, SUSHI price jumped by over 30% as its growth gained steam. DeFi Llama data shows that the SushiSwap network handled over $79.1 million in volume in the last 24 hours, making it the tenth-biggest aggregator.
It handled over $202 million and $385 million in volume in the last seven and 30 days, respectively.
The SUSHI price also jumped as Katana, its recently launched network, continued to grow. It now has over $583 million in total value locked and has handled over $66 million in volume this week.
Some of the other notable gainers today were XRP and XLM, which surged following the passing of the GENIUS Act. Ethereum Classic and Uniswap were among the other notable gainers.
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