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Home Cryptocurrency Alt coins

Collapsed by 90%. TOP-5 collapsed altcoins

Admin by Admin
02.06.2022
in Alt coins, Cryptocurrency
17 1
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Reading time: ~2 m


Recently, the world of cryptocurrencies was shaken by the collapse of the Terra blockchain ecosystem (LUNA). The collapse of the rates of the algorithmic stablecoin TerraUSD (UST) and the LUNA token that provides it has already gone down in the history of the industry. As it turned out, such disasters are not uncommon. Last week, at least five assets considered promising depreciated by more than 90% compared to historical highs (ATH).

ATH (All-Time-High) is the highest price a coin or token has reached since it hit the market.

The list almost includes the largest crypto assets by capitalization: Dogecoin (DOGE), which lost 88% of ATH, Uniswap (UNI) fell by 87% and XRP (XRP) collapsed by 87%.

Consider the TOP-5 cryptocurrency assets that have fallen in price by more than 90% of their historical maximum.

dYdX (DYDX)

At its peak, the decentralized exchange token dYdX (DYDX) was worth $27.86 and is currently trading at $2.06 (according to Binance), down 92.6%.

The main blow to the token was dealt in April of this year, when the crypto exchange Binance removed the DYDX/ETH currency pair from its platform.

The decline in value from ATH occurred in September 2021 and was partly due to the introduction of a ban on cryptocurrency transactions in China. The tightening on the crypto industry meant that many companies, including centralized exchanges that were still transacting over-the-counter in the country, downsized and eventually stopped providing services to the Chinese. As a result, this group of customers began to look to the market for alternative solutions, such as dYdX. At this time, the trading volume on the exchange continued to grow and exceeded the mark of $ 10 billion.

Transactions on the dYdX platform are carried out using smart contracts based on Ethereum. To avoid high fees on the main network, dYdX uses StarkWare’s Second Layer (L2) solution.

LooksRare (LOOKS)

The price of the native NFT marketplace token LooksRare (LOOKS) peaked on January 20, 2022, at $7.10. As of June 1, LOOKS is trading at $0.50. The token’s price has collapsed by 93% of its ATH.

LooksRare appeared out of nowhere in January of this year and became the largest competitor to the main market of non-fungible tokens OpenSea. As it turned out, there were fictitious trading operations on LooksRare. In such a scheme, users buy and sell NFT between their wallets, creating the illusion that the platform processes large volumes of transactions.

On January 31, analyst firm CryptoSlam said $8.3 billion was involved in “laundering” trade deals involving LooksRare. Ultimately, this led to a drop in the token rate.

Collapsed by 90 TOP 5 collapsed altcoins.webp

Source: Twitter.com

Then, in April, Bloomberg, citing CryptoSlam, reported that about $ 18 billion or 95% of the trading volume on the NFT marketplace LooksRare is associated with fictitious trading.

EOS

The value of the EOS token peaked on April 29, 2018, at $22.71. As of June 1, the token is trading at $1.36. This means a loss of 94% of ATH.

Blockchain project EOS. IO was one of the first Ethereum “killers” to raise $4.2 billion in an ICO. After several test versions, it was officially launched in June 2018.

ICO stands for initial coin offering, which means the period during which the project collects investments before launching.

Supporters of the project included Brevan Howard hedge fund manager Alan Howard, Moore Capital Management CEO Louis Bacon and co-founder of PayPal and Palantir Peter Thiel.

Filecoin (FIL)

On April 1, 2021, the price of the FIL token peaked at $236.84. Currently, its rate is $ 8 – a decrease of 96.6%.

The decentralized data storage system Filecoin was launched in 2017 and collected a record amount during the ICO. It amounted to $ 257 million, thus exceeding $ 232 million collected by Tezos, which was previously the maximum amount.

Among the investors were giants such as Sequoia Capital, Andreessen Horowitz (a16z) and Union Square Ventures.

Filecoin was launched to create a decentralized digital storage network, thanks to which users could rent out their disk space and receive rewards for it.

Internet Computer (ICP)

After launch, the ICP token was worth $ 700, and now it is trading at $ 8.37. This means a decrease of at least 98.8%.

ICP is a swiss non-commercial tokenDFINITY Foundation. It was launched in 2021 and immediately began rapid growth. In less than four days, the token took the eighth position in the list of the most capitalized crypto assets.

The project has been developed since 2016, the goal of the DFINITY Foundation is to create a decentralized and scalable blockchain in the cloud to store data and support applications. The ICP is the native token of this network.

It is headed by an enthusiastic entrepreneur from the high-tech industry Dominic Williams, its goal is to create a public Internet, free from the “claws” of big tech, that is, companies such as Google, Facebook or Amazon.


#Collapsed #TOP5 #collapsed #altcoins

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