Most of the crypto market drifted lower into early October. However, Pump.fun (PUMP), Aave (AAVE), Worldcoin (WLD), and Sky (SKY) went the other way.
Santiment ties three of the rallies to project news, including token buybacks, Aave’s lending growth, and a Galaxy Digital development.
Why 4 Altcoins are Rallying
Total crypto market capitalization slipped only 0.30% over the past week, according to BeInCrypto Markets.
On Friday, Bitcoin saw a massive rally from $84,000 to $87,000, but crashed back to the early levels almost immediately. Market sentiment toward ETH and XRP turned negative as October began.
Meanwhile, AAVE posted 20% gains, including a 7% jump on Friday. This is largely due to the Aave protocol reaching the $1 billion milestone in user deposits.
V4 also went live on Arc and Base in September. On Base, an Equities Hub lets eligible non-US users borrow USDC (USDC) against 7 Coinbase-tokenized US stocks.
Pump.fun also rallied 30% in a week, and it was largely due to the token’s supply cuts.
“Pump.fun is directing roughly half of net protocol revenue into PUMP buybacks and burns, with daily purchases topping $1M several times in late September,” the firm said.
Together with Hyperliquid, Pump.fun drove nearly 90% of the record $638 million in token buybacks, BeInCrypto reported in August.
Santiment tied SKY’s 14% weekly gain to rising institutional interest. Last month, Galaxy Digital said it had added $100 million of sUSDS, Sky’s yield-bearing savings token, to its treasury.
Galaxy also approved sUSDS as collateral across its institutional trading business and bought an undisclosed amount of SKY. Lastly, Worldcoin added 15% this week. Santiment did not tie that move to a specific catalyst.
Quant Gives Back Part of Its Clearing House Price Rally
Santiment named Quant (QNT) among the tokens that fell the hardest in early October. The altcoin dropped 7% on Friday, a move the firm attributed to profit-taking after a steep rally.
Since its late September high, QNT has declined over 32%. Despite this, it remains up 152% over 7 days at $252.55, BeInCrypto Markets data show.
Santiment framed the red week as a test of traders’ appetite for early October dips. Next week’s performance will show whether the selloff continues or the market turns.
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The post 4 Altcoins Post Double-Digit Gains as Most Crypto Bleed Into Early October appeared first on BeInCrypto.
