After a massive rally in 2021, cryptocurrency markets have this year crashed back down to earth. That’s thanks to aggressive interest rate policies from global central banks as well as the war in Ukraine. Both factors have combined to put pressure on the broad crypto market.
Crypto founders are also to blame. Their dubious decisions and projects are responsible for the dramatic collapse of some of the existing 19,000 digital assets. The demise of the $40 billion Terra (LUNA) blockchain in May is nothing short of spectacular.
And so is the decline in the price of satirical token Shiba Inu (SHIB), so-called Ethereum-killer Solana (SOL), and gaming platform Axie Infinity (AXS). Even Bitcoin (BTC), considered some sort of benchmark in the industry, tanked sharply this year.
The Great Purge
Altogether, the total market value of all crypto assets dropped from around $3 trillion a year ago to $939 billion currently, according to Coinmarketcap.
It is the great purge, flashing out “excesses in crypto” as epitomized by the speculative rally in meme coins like SHIB last year.
One year on from their November 2021 peak, how have the above cryptocurrencies, all top 50 coins which outperformed last year, fared? We take a look below.
With strong community backing, this meme coin shot through the roof in 2021. SHIB soared around 43 million percent throughout the year, rising from $0.000000000077 to an all-time high of $0.00008616 on Oct. 28, 2021, according to CoinGecko.
The numbers don’t make sense. Too many zeroes. It can be confusing. But SHIB represents the value that’s just a fraction of one cent. The popular meme coin, created to make up for what rival Dogecoin (DOGE) lacked in functionality, has plunged over 87% since its peak.
As of writing, SHIB is trading at $0.00001072, down 3% over the previous 24 hours. Over the past 52 weeks, the token has plunged 63%, and is down 68% year-to-date from $0.00003345 in J
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