Bitfinex’s LEO Surges 18% Weekly, Leaves Bitcoin, Ethereum, Dogecoin In The Dust – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

LEO LEO/USD, the native token of crypto exchange Bitfinex, is rallying as the overall crypto market struggles to gain footing. The utility token was up 18% in the past seven days, trading at $4.44, recorded on Monday, 12 a.m. EST.

Apex cryptocurrency Bitcoin BTC/USD is up 1%, struggling to maintain $16,000 as analysts point out a bear market rally for the crypto market. Ethereum ETH/USD plunged 4.71% in the last seven days. Dogecoin DOGE/USD was down 7%, as the global crypto market cap decreased 4.23% to $800.68 billion.

Why It Matters: LEO’s price surge comes as rival exchange FTX FTT/USD suffers from liquidity issues. After the FTX filed for bankruptcy, many crypto community members called for exchanges to post their proof of reserves. Bitfinex was one of the few exchanges that revealed their cold wallet storage to improve transparency.

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OKB OKB/USD, the in-house token of the OKX exchange, is second on the list gaining 15.30% in the last seven days. Interestingly, OKX is also among the top crypto exchanges that first announced a proof of reserves for their users.

The third on the list is Quant QNT/USD which recorded a 12.45% spike. The rally can be attributed to the increase in the user base for QNT crypto wallet. Last week, QNT wallet holders reached more than 90,000. This comes at a time when users flee centralized exchanges and take “self-custody” of their cryptos, as exchanges halt withdrawals amid the crypto contagion spread.

Arweave AR/USD is fourth on the list, gaining 12.27%, and ApeCoin APE/USD was last on the list, up 11.98%, in the past seven days.

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