Analysis of cryptocurrency performance in this round of crash: Nearly 60% of tokens have halved in price, while established blockchains are the most resilient
Which tokens remain strong in price? Which tokens collapse at the touch?Author: Frank, PANews
Recently, the cryptocurrency market has experienced a strong correction. The entire market is filled with the gloom brought about by falling sentiments; however, fluctuations are a normal part of market development, and during an overall downturn, it serves as a litmus test for many projects. In this process, which tokens remain resilient? Which tokens collapse at the slightest touch? An analysis of the recent performance of the token market reveals the changes in the market.
Nearly 60% of Tokens Have Halved in Price, with GameFi Being the Hardest Hit
According to the OKX perpetual trading pair data, PANews has listed the highest and lowest points over the past 30 days to calculate the tokens with the largest declines. Additionally, the rebound price range from the low point to July 8 reflects the strength of the token rebounds.
Among the 20 tokens with the largest declines, the biggest drop was seen in GPT, which fell by over 80% within 30 days, making it the only AI project in the top 20 by decline.
Moreover, GameFi has become the most frequently appearing sector. In the top 20 list of declines, there are four game-related projects: BLOCK, BIGTIME, ACE, and ULTI, with an average decline of 68.5%, resulting in nearly a 70% evaporation of their prices.
Surprisingly, although MEME coins are known for their high volatility, only one MEME coin made it to the list of the largest declines, and FOXY is not considered a mainstream MEME.
However, in this round of downturn, the vast majority of tokens have suffered greatly. Among the 194 tokens analyzed, 110 tokens saw declines of over 50% within 30 days, accounting for nearly 60%.
Layer 1 Tokens Are More Resilient, Older Coins Are More Stable?
In the ranking of the 20 tokens with the smallest declines, various Layer 1 public chain governance tokens have shown relatively stronger stability. Tokens such as TRX, TON, BTC, ETH, SOL, XRP, and DOT have experienced much smaller declines, likely due to their longer existence and larger market capitalization, which may have contributed to their better stability.
Additionally, the smaller declines of NFTs and JST at the top of the list are not due to strong prices but rather because these two tokens had already declined previously and have recently entered a relatively stable price range. In terms of rebounds, the rebounds of these two tokens are also relatively weak.
Furthermore, among the overall data, only 27 out of 194 tokens had declines of less than 40%, and these tokens with smaller declines are almost all those that have been issued for more than three years.
NOT Surges Ahead, Will the Rune Sector See New Waves?
If the decline is inevitable, then the rebound after the decline can better reflect the market's confidence and expectations for tokens. From this perspective, NOT is undoubtedly the best-performing token currently. Over the past 30 days, NOT has fallen by a maximum of 59% from its peak, but its recent rebound from the low point has reached 63.6%. The strength of NOT has also allowed more players to see the potential of TON, with recent growth in TON ecosystem mini-games.
Additionally, the LayerZero token has just been launched, and although it also faced this significant correction, its market performance shows that the ZRO token has rebounded relatively strongly, with a rebound of 55% from its low.
Moreover, tokens within the Bitcoin ecosystem have also shown impressive rebound effects in recent days. SATS rebounded by 46.6%, raising the question of whether the Rune sector will continue this momentum.
Overall, among the 195 tokens analyzed by PANews, more than half of the tokens have seen declines of over 50%. Excluding the stablecoin USDC, only three tokens have declines of less than 20%. The largest declines for the highest market cap tokens BTC and ETH were 26% and 27%, respectively, which are relatively smaller.
Additionally, according to data from CoinGecko, the worst-performing sectors in the past seven days have been re-staked governance tokens, cat-themed MEME, and cross-chain communication protocols.
Due to the limitations of this analysis, which only covers tokens listed on mainstream exchanges, some on-chain traded tokens are not included. The content of this article is for informational purposes only and should not be considered investment advice.
