Three Worst-Performing Cryptocurrencies in the Last Month
In recent months, the cryptocurrency market has experienced significant volatility, resulting in some projects losing over 30% of their value within a month. This equates to a daily loss of over 1%. Let’s take a look at the three worst-performing projects among the top 100 digital assets based on their market capitalization as of September 7:
- Gala Games (GALA): -32.57%
- GMX Protocol (GMX): -32.40%
- Pepe (PEPE): -30.39%
The GMX Protocol: Exploring a Decentralized Exchange (DEX)
The GMX Protocol is a decentralized exchange (DEX) that facilitates margin trading. By depositing collaterals in Ethereum (ETH), Avalanche (AVAX), or Circle USD (USDC), traders can open leveraged trading positions. Interestingly, these traders are betting against GMX holders who provide liquidity and collect fees from the operations. Additionally, GMX serves as a governance token, allowing holders to vote on platform governance proposals.
Currently, GMX is priced at $34.05 and has experienced an exchanged volume of close to $17 million in the last 24 hours. However, its position within the top 100 is at risk of dropping.
Pepe: The Meme Coin Phenomenon
Pepe gained significant attention as a meme coin in 2023. With a massive supply of 420.69 trillion tokens, it managed to enter the top 100 cryptocurrencies through purely speculative action. However, PEPE investors recently faced panic when the team behind Pepe transferred 16.045 trillion PEPE tokens worth $16.85M to four exchanges (Binance, OKX, KuCoin, and Bybit) on August 24.
Disclaimer: The content provided on this site should not be considered investment advice. Investing in cryptocurrencies carries speculative risks, and your capital is at risk when investing.
Hot Take
The recent performance of these cryptocurrencies highlights the volatility and risks associated with the crypto market. It serves as a reminder that thorough research and caution are essential when considering investments in such assets. Stay updated with the latest market trends and developments to make informed decisions.
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