Sep 2, 2022 at 04:53Contents
Summer is over, but the crypto winter is not. During the last 30 days, ten tokens lost significantly in their price. Coins such as Helium (HNT) and STEPN (GMT) lost almost half their value. This is even though these projects are popular and widely known. We gathered 10 of the top losers whose crypto investing in September can be quite risky. Kindly note that we are by no means providing guidance. These are just recommendations based on CoinMarketCap data from the last 30 days ending September 1.
Market Snapshot
September 01, 2022 — 04:00 PM EDT🟢 Gainers 31%
⚪ Flat 5%
🔴 Losers 64% pic.twitter.com/HiixBQvGZg— Market Index (@Market_Index) September 1, 2022
THORchain (RUNE) — 24.36%
The price of THORChain tokens collapsed 24.36% to $1.88. The CoinMarketCap ranking is #66, with a real market value of $640,671,392. There are 330,688,061 RUNE coins in circulation, and the maximum supply is 500,000,000.
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THORChain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across various networks without losing full control of their funds. Market prices are maintained by the ratio of support in the pool
AMM is an automatic market maker. A type of decentralized exchange (DEX) protocol that relies on a mathematical formula to determine asset prices..
The THORChain platform token — RUNE — is the base currency for platform management and security. THORChain is characterized by reducing the problem of time losses that a liquidity provider might incur when depositing funds into liquidity pools and the seamless exchange of tokens between chains. Overall, the platform is convenient even for inexperienced traders.
The RUNE token is available on several blockchains, including Binance Chain (BEP-2 token) and Ethereum (ERC-20 token).
Kusama (KSM) — 24.37%
Kusama’s price has fallen 24.37% in the past 30 days and is $46.46 as of September 1. This blockchain project has earned CoinMarketCap ranking #86, with a total market cap of $404,889,002. There are only 8,470,098 coins in circulation (how many total KSMs are available is unknown).
Kusama is an experimental blockchain platform for developers with good compatibility and scalability. It is based on Parity Technologies’ Substrate tools and has almost the same code base as Polkadot, a better-known project.
Kusama is cheaper, so early-stage startups more often use it. The platform is also good for experimenting. A project on this platform can start working immediately, releasing updates and improvements without having to make a fork.
Convex Finance (CVX) — 25.43%
Next on the list of losers is the DeFi protocol tokenFinancial instruments in the form of blockchain-based services and applications., Convex Finance. Its value for August is up 25.43% and now $5.04. The project’s rating on CoinMarketCap is #92, with a total market cap of $351,064,506. CVX has 67,282,436 coins in circulation (and a maximum of 100,000,000 pieces).
Convex Finance allows liquidity providersLPs — typically a company or firm that holds assets in their accounts to arrange their sales. They are active on both the buy side and the sell side. In other words, they "make the market. that Curve earn a share of the trading commissions on Curve without betting on liquidity. Instead, LPs can bid on Convex and receive increased rewards for CRV and liquidity mining.
ApeCoin (APE) — 25.77%
Another ambitious project made it to the fail-list. The price of ApeCoin dropped to $4.69 (down 25.77%) in 30 days. The project’s rating on CoinMarketCap is #36, with a total market cap of $1,471,338,401. There are 306,875,000 APE coins in circulation (the maximum supply is 1,000,000,000).
ApeCoin is an ERC-20 management token in the APE ecosystem to empower and stimulate interest in Web3. The decentralized project was inspired by Yuga Labs’ NFT brainchild, Bored Ape Yacht Club.
Token holders run the ApeCoin DAODecentralized Autonomous Organization and vote on how the APE Foundation ecosystem fund should be used. 62% of all ApeCoin has been funneled into the ecosystem fund, which will support community-driven initiatives as voted on by members. Token holders also get access to exclusive games and services.
For developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects.
The Sandbox (SAND) — 26.63%
Who would have thought that this project would also be among the losers? The value of The Sandbox tokens fell 26.63% in August, and SAND is now worth $0.92. The blockchain-based virtual world’s ranking on CoinMarketCap has dropped to #38, with a total market cap of $1,379,252,765. There are 1,473,270,110 SAND coins in circulation (a total of perhaps 3,000,000,000).
The Sandbox was created in 2011 by Pixowl. In this virtual world, users can create, build, buy and sell digital assets in the form of a game. The platform combined the capabilities of decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs). Users can be both creators and gamers. The valid SAND token facilitates transactions on the platform.
Arweave (AR) — 26.69%
The decentralized storage network Arweave has rapidly lost 26.69% of its monthly price. The AR project token is now worth $9.92 and is ranked by CoinMarketCap as No. 97 (market cap of $336,441,937). There are 33,394,701 AR coins in circulation (the maximum supply is 66,000,000).
The creators of Arweave describe the project as a “collectively owned hard drive that never forgets.” AR’s cryptocurrency is used to indefinitely pay “miners” to store information on the network.
Maker (MKR) — 27.22%
The price of the MKR token fell to $751.43 (down 27.22% over the last 30 days). The rating on CoinMarketCap is #56, with a total market cap of $741,674,920. 977,631 MKR coins are in circulation, and the maximum offer is 1,005,577.
Governance token (A governance token is a digital asset whose holders can participate in decisions about the development of a blockchain project.) MakerDAO and Maker Protocol, a decentralized organization and software platform running on the Ethereum blockchain. They allow users to issue and manage a DAI stablecoin.
STEPN (GMT) — 27.64%
The famous Move-To-Earn app, a type of game that connects the player in the real world to his representative in the game, has suddenly joined the regiment of notable losers. It rewards active walking.
The price of STEPN tokens fell 27.64% and is now worth $0.66. The rating on CoinMarketCap is #84, with a real market capital of $406,933,725. There are 600,000,000 out of 6,000,000,000 GMT coins in circulation.
STEPN (GMT) runs on the Solana blockchain. To start earning in-game currency, users must first buy NFT sneakers.
Filecoin (FIL) — 28.86%
The Filecoin FIL project token price was $5.70 as of September 1 (down 28.86% over the last 30 days). The CoinMarketCap rating is #34 with a current market value of $1,570,908,378. There are 273,125,450 coins in circulation (total supply unknown).
Filecoin, a decentralized storage system, has proclaimed its goal to store humanity’s most important information. Unlike cloud storage, Filecoin makes data easily retrievable and difficult to censor.
Membership in the Filecoin network through mining and storage is directly linked to obtaining greater rewards. Blockchain motivates participants to act honestly and store as much data as possible.
Helium (HNT) — 43.33%
And finally, we get to the biggest loser of September. This is the Helium project and its token HNT. The cryptocurrency price fell by almost half in the past month — by 43.33%. The price of HNT dropped to $4.92. CoinMarketCap’s current ranking is #69, with a real market cap of $593,550,615. Coin volume outstanding is 125,326,533 with a high of 223,000,000.
Helium (HNT) is a decentralized blockchain-based network for Internet of Things (IoT) devices launched in 2019. It allows small wireless devices to communicate with each other by sending data through a network of nodes. They are a combination of a wireless gateway and a blockchain-mining device. Users are rewarded for mining in the form of Helium’s internal cryptocurrency, the HNT token.
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