Weekly recap: ZK hype increases, UNI and CAKE bleed after “copycat” fork, XRP whales turn bullish


  • ZK hype increases among traders, MINA protocol begins cohort for development of ZK-powered applications. 
  • PancakeSwap forked Uniswap V3 to rollout version 3 of its DEX on the BNB and Ethereum chains, CAKE and UNI nosedived.
  • XRP whales turned bullish on the asset ahead of SEC v. Ripple lawsuit outcome.

The zero-knowledge (ZK) narrative hype has increased among participants with the crypto community awaiting zkSync airdrop confirmation and recent updates by MINA. The hype surrounding meme coins lost relevance, wiping out Shiba Inu (SHIB), Dogecoin (DOGE), Floki Inu (FLOKI) and Dogelon Mars (ELON). 

Also read: MATIC and MINA protocol ride the zk hype ahead of major Ethereum upgrade

ZK narrative hype and top coins capitalizing on it

ZK narrative gained relevance in the crypto community with the speculation and hype surrounding zkSync. Analysts on crypto Twitter believe zkSync is likely to announce an airdrop in 2023, building anticipation around ZK projects and protocols. 

MATIC and MINA protocol capitalized on the hype and rolled out their solutions and roadmap for boosting scalability. 

Read more: MATIC and MINA protocol ride the zk hype ahead of major Ethereum upgrade

MINA protocol started accepting applications to zkIgnite, a new cohort of developers for working on ZK-powered solutions on the blockchain. 

zkSync continues to dominate the ZK ecosystem in terms of market share and activity. The protocol accounts for nearly 60% daily active users in the ZK ecosystem, based on data from Dune analytics. 

Are DeFi traders unhappy with PancakeSwap’s fork of Uniswap V3?

CAKE and UNI prices nosedived, wiping out their gains from past week. PancakeSwap, one of the most popular DEXes in the crypto ecosystem forked Uniswap’s V3 for its Version 3 launch. 

The launch turned out to be a non-event for PancakeSwap V3 and its token CAKE, however UNI price rallied, yielding nearly 5% gains before the recent correction. Forks result in “Copy cat” DEXes, a phenomenon previously observed in 2021-22 in OHM forks. 

Find out more here: PancakeSwap forks Uniswap V3: Are copycats like OHM Forks making a comeback?

Analysts on crypto Twitter have criticized Uniswap’s governance token UNI, citing that its only utility is governance voting, similar to ARB. This makes UNI less lucrative for DeFi traders. 

XRP whales scooped up the token ahead of SEC v. Ripple outcome

XRP whales holding between 10,000 to 100,000 and 1 million to 10 million XRP scooped up the altcoin consistently since the last week of March.

XRP accumulation by whales

XRP accumulation by whales 

The chart from crypto intelligence tracker Santiment supports a bullish thesis for XRP as accumulation by whales is typically a bullish sign for assets. The XRP holder community is expecting an outcome in the lawsuit in 2023. 

Find out more here: XRP holders jittery over SEC v. Ripple lawsuit outcome: Will XRP price recover?


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP