Top 5 Crypto Losers of the week

In the volatile world of cryptocurrency, fortunes can shift in an instant. The previous week demonstrated that even the biggest market participants are not immune to the volatility that defines this sector. The recent crash in the crypto market saw large cryptocurrencies nosedive in value, with Bitcoin falling below $60,000, also affecting other assets. In this article, we take a closer look at the top five crypto losers of the week.

1. Sui (SUI)

Sui’s price is currently trading at $1.11, showing a decrease of 7.28% over the past week. With a market cap of $2.57 billion and a trade volume of $336.75 million, the token secures its position as 46th, according to CoinMarketCap. It is clear that Sui has experienced substantial sell-offs in the last week, given its circulating supply of 2,339,196,966 SUI.

Sui is an innovative layer-1 blockchain platform focusing on global adoption with secure, powerful, and scalable development. It uses object-centric data model and Move programming language to address blockchain inefficiencies, prioritizing user experience.

2. Core (CORE)

Core comes second on the list of crypto losers. Currently trading at $2.07, the token has experienced a decrease of 6.32% over the past week. Core’s market capitalization stands at approximately $1.8 billion, accompanied by a trading volume of $79.7 million. Although there are 885,659,759 CORE in circulation, investors are pessimistic about Core’s short-term performance.

CORE is an L1 blockchain compatible with Ethereum Virtual Machine, allowing it to run Ethereum smart contracts and dApps.

3. Pendle (PENDLE)

Pendle is currently trading at $5.09, showing a decrease of 5.31% over the past week. PENDLE’s market capitalization is currently $1.2 billion, accompanied by a trading volume of $109.7 million. The token’s total circulating is 239,185,588 PENDLE. The recent drop in Pendle’s price suggests that investors are uncertain, possibly due to overall market sentiments.

Pendle protocol tokenizes future yield for trading. Its AMM supports assets with time decay, giving users more control and opportunities for utilization.

5. Gnosis (GNO)

Gnosis (GNO) s also included in the list of crypto losers, having dropped  by 4.39% in the past week, to reach  $313.01 today . The token has recorded a market capitalization of $812 million and a trading volume of $12.58 million, with a circulation supply of 2,589,588 GNO. Although Gnosis experienced a minor weekly decline compared to other losers, its current downward trend suggests a bearish sentiment among investors.

Gnosis  builds decentralized infrastructure on Ethereum, focusing on experimentation and creating prediction markets for accurate information. It operates as a DAO, supporting dApps and governance within its ecosystem.

5. Pyth Network (PYTH)

Pyth Network, currently valued at $0.5465, has seen a significant decline of 4.47% over the past week. PYTH boasts a market cap of $819.7 million, holding the 99th position in the market, according to CoinMarketCap. The token has recorded a trading volume of $60.48 million over the last 24 hours, with a circulating supply of 1,499,988,994 PYTH.

The substantial drop in Pyth Network’s price reflects a pessimistic outlook among investors, possibly driven by recent market uncertainties.

Pyth Network, a first-party oracle network, provides real-time market data to financial dApps across 40+ blockchains with 380+ low-latency price feeds. It includes major exchanges and financial institutions, ensuring accuracy and security.

Conclusion

These five crypto losers have faced a challenging week. Even with their innovative features and ambitious goals, they have struggled to uphold investor trust amidst overall market instability. Investors should always do thorough research and be cautious before getting involved in the volatile world of cryptocurrencies, where fortunes can quickly shift.

The post Top 5 Crypto Losers of the week appeared first on CoinGape.