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

What happened: 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/USD-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. 

See Also: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says

Market barometer Bitcoin BTC/USD contracted 0.83%, while ETH eked out a gain of 1.69%. 

Other large-cap currencies like Solana SOL/USD and Cardano ADA/USD bled 13.57% and 8.56%, respectively. XRP XRP/USD also slipped 3.71%.

Popular meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD 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.

Read Next: 

• Donald Trump Says US Is ‘Successfully Negotiating With Russia’ Over Ukraine, But Polymarket Traders Aren’t Convinced

Photo courtesy: Shutterstock