After a spike in mass in2021 marketscryptocurrencieshave collapsed this year.That is thanks to the aggressive policies of interest rates of thecentral banksworldwide, as well as the war in Ukraine.Both of these factors have combined to put pressure on the broad crypto market.
The founders of the cryptocurrencies are also to blame.Their questionable decisions and projects are responsible for the dramatic collapse of some of the 19,000 digital assets that exist.The disappearance of theblockchain earth(MOON) of $40 billionin may is spectacular.
And so is the fall in the price of the satirical token Shiba Inu (SHIB), the so-calledethereum– killer Sunshine(SUN) and the platform games,Axie Infinity(AXS).EvenBitcoin(BTC), considered a kind of reference point in the industry, collapsed abruptly this year.
The great purge
In total, the aggregate market value of all the criptoactivos decreased from around $ 3 trillion a year ago 939 billion today, according to Coinmarketcap.
A year after their November 2021 peak, how have previous cryptocurrencies Shiba InuWith a strong community support, this crptomoneda meme was shot by the clouds in 2021. <strong>SHIB shot around 43 million</strong> percent throughout the year, from 0,000000000077 dollars to a historical maximum of 0,00008616 dollars on the 28th of October of 2021, according to CoinGecko.We take a look below.
Shiba Inu
With strong community backing, this meme cryptocurrency shot through the roof in 2021. SHIB soared around 43 million percent over the entire year, going from $0.000000000077 to an all-time high of $0.00008616 on 28 May. October 2021, according to CoinGecko.
The numbers don t make sense. Too many zeros. It can be confusing. But SHIB stands for value that is only a fraction of a penny . The popular meme cryptocurrency , created to compensate for the lack of functionality of its rival Dogecoin (DOGE), have plunged more than 87% since sti peak.
At time of writing, SHIB is trading at $0.00001072, down 3% from 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 January.
SHIB snuck into the top 10 most valuable crypto assets during the crypto meme euphoria of 2021, displacing Litecoin (LTC) and Ripple ( XRP ) . But since then, the dog-inspired token has fallen outside of that range, falling to 14th place, worth $5.95 billion in capitalization.
SHIB relies on strong community support in addition to a number of improvements being made to the network to increase the price of its token. On October 6, the Shiba Eternity game was released and there are plans to reveal to metaverse and layer two ( L2 ) solution called Shibarium.
More than 410 billion Shiba Inu tokens have been withdrawn from circulation so far in a process known as "burning," all as part of a plan to help increase the price of SHIB. To be sure, $1 SHIB with current token supply numbers, initially set at a quadrillion, remains a pipe dream. For now.
Without utility, meme cryptocurrencies like Shiba Inu and Dogecoin “are examples of speculative currencies best ranked as fun for gamers on an unprecedented 24/7 global scale,” as Mike mcglone enjoy the festivities previously said, senior commodity strategist at Bloomberg.
Earth (MOON)
MOON is the unlucky native token of the Terra blockchain . It collapsed in dramatic fashion in May, sparking a massive contagion that bankrupted some of the biggest companies in the industry. Hedge fund Three Arrows Capital (3AC) and lenders Celsius and Voyager are all victims.
The Terra blockchain promised something, giving way to the idea of a decentralized stablecoin backed by code. In hindsight, it was a terribly bad idea. In a cruel twist of fate, its $40 billion crash made millions of investors poor overnight.
However, in 2021, LUNA made many millionaires after the token surged almost 15,800% . LUNA broke the psychological $100 mark in December, rising from just $0.65 in January. It hit a series of highs at different times of the year, eventually peaking at $119 on April 5, 2022.
But it soon went downhill from there. MOON crashed to $0 a few weeks later after ella's sister token TerraUSD, to stablecoin , failed to maintain sti parity with the dollar. Terra co-founder Oj Kwon, a pompous character who bet $11 million that his project would never fail, became a fugitive.
Sponsored to new MOON, to placate investors who lost money on his initial venture , now known as Terra Luna Classic (LUNC). At press time, the classic version of MOON is trading at $0.00030057, up 2% on the day. It could be another meme cryptocurrency .
The new MOON, or Terra 2.0, was up 0.1% at $2.50 . This specific token is down 87% since reaching a record high of $19 on May 28, 2022. Terra could have etched its name in the annals of history as possibly Lehman Brothers' own version of the crypto market.
And Do Kwon would have to surrender to the South Korean authorities who have been looking for him everywhere.
Infinite Axis (AXS)
There is never a dull moment in crypto.in March,Ronin Network, to sidechain for the game Axie Infinity, washackedfor more than us $620 million in ETH and USDC.The attacker used the private keys hacked to forge retreats” of the bridge Ronin.
The hack became one of the largest in decentralized finance (DeFi) history, dwarfing the $611 million theft from Poly Network last year. But AXS, the governing token of the Axie Infinity gaming metaverse, took a beating.
After increasing more than 30,000% to reach a record high of $165 on November 6, 2021, AXS have fallen dramatically this year.The tokenhave plummeted 92%from its peak.AXS, which was listed 0.53 dollars in January of last year, currently trading at 12.25 dollars, at 3.3% less in the day.In the past 52 weeks, AXS have dropped from 122 dollars and you have fallen 87% in the last year.
Sunshine (SUN)
Solana is a network ofblockchainthat promised a lot when it was launched in 2020.It is one of those chains that had as objective to evict theblockchainof Ethereum from your domain as the platform most used crypto markets,cash,NFT, dApps, and much more.
But Solana seems to be struggling in that regard. The blockchain is plagued with network outage issues, which cause and solution to millions of users. To date, Solana've experienced a total of eight technology blackouts. Outages may be partly to blame for SOL's decline.
In 2021, the SOL price shot up more than 10,500% to $180 at the end of December. According to CoinGecko, the token peaked at $260 on November 6, 2021, but has been on the decline ever since. At time of writing, AXS is trading at $32, down 78% from $147 a year ago.
Analysts predict that the SUN will reach $45 by the end of this year.
Bitcoin (BTC)
Considered by some as the reference currency of the world, crypto,Bitcoin has been hit along with thestocktechnology at Nasdaq, which has become more correlated.
BTC reached a record high of 69,000 dollars as of 10 November 2021, nearly 140% more than stis opening price of around 29,000 dollars at the beginning of the year.In the midst of the worsening of macroeconomic conditions and increased geopolitical tensions,Bitcoin fell with the force this year.
At the time of publication, BTC is trading at 19,288 dollars, 65% less than the 54,741 dollars from the previous year.Since January, the asset has failed 56% and continues to showvolatility.thetraderveteran Gareth Soloway expected that, in the worst case, Bitcoin will collapse to $3,500 this year.
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