LayerZero, Bonk Outperform Crypto Market

Bitcoin continues to decline, falling almost 12% over the last seven days, and 7.5% of that loss occurred in the past 24 hours, starkly contrasting the likes of LayerZero and Bonk.

Bitcoin’s decline has done more than push crypto bulls back to more conservative positions. It has ignited extreme fear in the community. As CryptoMode reported, the Crypto Fear and Greed Index has shifted below 29, below its lowest level in November last year.

This latest drop follows the news of Mt. Gox transferring $2.7 billion of BTC to a new address. The exchange previously informed its creditors that repayments might start early in July, causing concerns about upcoming selling pressure.

LayerZero Outperforms Crypto Market

Data from CoinGecko shows that LayerZero’s native coin, ZRO, is one of the best-performing assets in the market. ZRO started trading at $2.75 earlier today, at 1:20 AM (GMT-4), surging past $3.75 by 12:10 PM, a 16.9% increase in less than 24 hours.

Moreover, ZRO has risen by 41.5% in the last seven days. The coin’s success follows an innovative LayerZero airdrop claim mechanism, in which users are asked to pay for the airdrop claim via a “proof-of-donation.”

How Are Memecoins Performing?

Not so good, unsurprisingly. However, a few memecoins have seemingly outperformed most of the crypto market in the past 24 hours.

Bonk (BONK) is among the best performers today alongside dogwifhat (WIF). In the last 24 hours, BONK has recorded gains of over 7% and up 10.3% in the past two weeks.

Iggy Azalea’s MOTHER coin has also seen its price surge around 5.8%, currently trading at $0.04368. However, the coin is still down 32.2% in the past two weeks and more than half its total market capitalization by 57.3%.

Notably, Wen (WEN), the Solana-based cat-themed memecoin, has risen by 4.4% in the last hours.