As a seasoned crypto investor with over a decade of experience navigating the tumultuous waters of this digital frontier, I must admit that the latest market performance report shared by Coin98 Analytics has left me both bewildered and disheartened. The sheer scale of losses incurred by the majority of tokens listed on Binance in 2024 is nothing short of staggering.
In 2024, most of the tokens listed on Binance experienced notable drops, with a total of 29 out of 30 tokens showing significant decreases in value.
According to a post by Coin 98 Analytics on August 6, the losses being reported are exceptionally large based on the data they provided.
Year-to-date Performance of Binance Listed Tokens (as of 2024)
— Coin98 Analytics (@Coin98Analytics) August 6, 2024
Aevo (AEVO), initially valued at $3.22 billion upon listing, has experienced a significant drop in value, now standing at $342 million – a decrease of approximately 90.1%. This substantial decline is noteworthy given that Aevo was backed by influential investors such as Binance Labs and Pantera Capital.
Despite this support, the token could not withstand market pressures, leading to a massive 90.1% drop in value. The widespread losses are a stark reminder of the volatile nature of the cryptocurrency market.
Initially, at the moment this text was composed, AEVO was being traded for approximately $0.3414, representing a 7.5% increase within the past day. Conversely, over a seven-day period, the price plummeted by about 37%, and over a two-month span, it declined significantly more than 59%.
As a crypto investor, I’ve noticed a significant decline in the value of some tokens I hold, such as Portal (PORTAL) and Wormhole (W). These coins have taken a serious hit, with PORTAL dropping by 89.9% and W falling by 86.5%. It’s a tough time for crypto investors like myself right now.
In a similar fashion, the value of Starknet (STRK), which is backed by Paradigm and Coinbase Ventures, decreased by 81.0%. The token’s Full Diluted Value (FDV) dropped from $19.5 billion to $3.7 billion, indicating that even well-supported projects are feeling the strain in this difficult market environment.
In the month of April, the Starknet network encountered a significant disruption, where it was unable to record new blocks for over four hours.
Initially listed with a market capitalization of $6.68 billion, Saga (SAGA) has since decreased to a current value of $1.02 billion. This represents an 84.7% reduction in its value.
As a researcher, I’ve noticed that the general trajectory for the coins under observation appears to be downward. However, it’s encouraging to see that some of these coins have managed to mitigate their losses significantly. For example, Notcoin (NOT) experienced a decrease of approximately 13.8%, which is still substantial but less severe compared to others. On the other hand, dogwifhat (WIF) showed a relatively minor decline of 6.1%.
In the midst of a crowd of red stocks, Jupiter (JUP) has been the standout exception, rising by 21.2% since it was listed. Originally worth $6.6 billion, its market capitalization has now grown to $8 billion.
In the present market conditions, this outstanding performance could be a rare exception, possibly signaling distinctive market influences or strong foundations of the project itself.
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2024-08-07 14:00