Altcoins Buck Market Trend as Aave and Pump.fun Surge
The crypto market experienced a mixed week, with most assets slipping lower into early October. However, four altcoins bucked this trend and posted double-digit gains.
Aave (AAVE) was one of them, rising by 20% over the past week, including a 7% jump on Friday. This is largely due to the Aave protocol reaching the $1 billion milestone in user deposits.
Pump.fun (PUMP) also rallied 30% in a week, thanks to token supply cuts and the tokens being directed into PUMP buybacks and burns. Pump.fun is directing roughly half of net protocol revenue into these measures, with daily purchases topping $1M several times in late September.
Worldcoin (WLD) added 15% this week, while Sky (SKY) rose by 14%. Santiment tied the latter's move to rising institutional interest, as Galaxy Digital added $100 million of sUSDS, Skys yield-bearing savings token, to its treasury last month.