Smaller Tokens Dominate Crypto Market Gains Last Week

The cryptocurrency market saw significant growth last week, but it was smaller tokens that stole the show. Among them, Arbitrum (ARB) stood out as the top performer, surging 108% in a week. This success can be attributed to its Layer 2 network and the growing popularity of Robinhood Chain, which has seen a sudden surge in daily fees.

Arbitrum's ecosystem is benefiting from these increased fees, with 10% of them flowing back to the network. Meanwhile, memecoins have become the dominant fee driver for Robinhood's Layer-2 chain, launched in July around tokenized stocks. Pons (PONS), a memecoin launchpad, has skyrocketed 2200% over the last month.

However, it was not just smaller tokens that performed well. Dash (DASH) bagged the second spot with returns of over 70%, as investors rotated into privacy coins. The coin jumped to $78, its highest level in nearly 8 months. Market heavyweights such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) underperformed, gaining only 2.80%, 3.80%, and 3.50% respectively.