Crypto
Wormhole, Nervos and Sonic All Hit Their Highest Levels Since January
Wormhole's W rose 83% from its Sunday low to $0.0311 by Monday morning. Nervos's CKB gained 32.9% on 35 times its usual volume, and Sonic's S 28.8%. All three reached prices last seen in late January or early February.
While bitcoin rose less than 1% on Sunday, October 11, three mid-sized tokens broke to their highest levels in more than eight months, each on a burst of volume.
Wormhole (W), a network that moves tokens and messages between different blockchains, had the biggest move. It rose in three consecutive hours on Sunday evening — +7.6% at 17:00 UTC, +6.0% at 18:00 UTC and +9.3% at 19:00 UTC — to $0.02333, then gave back 13.3% in the 20:00 UTC hour. It closed the day at $0.02204, up 25.01%. The bigger jump came overnight: in the 02:00 UTC hour on Monday, W rose 25.3% on $7.0 million, and it reached $0.03108 in the 06:00 UTC hour, its highest price since January 22 and 83% above Sunday's low of $0.01695. At the start of October, W was trading around $0.013.
Nervos Network's CKB had the most unusual volume: $17.9 million, about 35 times its 30-day average. It moved in two bursts, +15.7% at 13:00 UTC and +21.3% at 20:00 UTC, reaching $0.002196 — its highest price since late January — before closing at $0.001932, up 32.87%. By Monday morning it had slipped back to about $0.00175, giving up more than a third of Sunday's gain.
Sonic (S), the blockchain formerly known as Fantom, gained 28.78% to $0.06094 on about 14 times its average volume, after jumping 15.6% in the 16:00 UTC hour and touching $0.06901 at 19:00 UTC, its highest price since January 28. It held most of that into Monday, trading near $0.060.
We didn't find specific announcements behind these moves. They fit the pattern of the past two weeks, in which money has rotated from one older, beaten-down token to the next while the largest assets drifted. The difference between the three is worth watching: W extended its breakout overnight, Sonic held its gains, and CKB gave more than a third of them back within hours.