Three Cryptocurrencies That Experienced a Significant Decline in the Past Month

Three Cryptocurrencies That Experienced a Significant Decline in the Past Month

Three Worst-Performing Digital currencies in the Last Month

Over recent months, the digital currency market has experienced whole lot of volatility, resulting in some projects losing over 30% of their value within a 30 days. This equates to a daily loss of over 1%. Let’s take a look at the 3 worst-performing projects between the top 100 digital assets based on their market capitalization as of September 7:

  1. Gala Games (GALA): -32.57%
  2. GMX Protocol (GMX): -32.40%
  3. 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) (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. In addition, GMX serves as a governance token, allowing holders to vote on platform governance proposals.

As of now, GMX is priced at $34.05 and has experienced an exchanged volume of next to $17 Million in the previous day. Nonetheless, its position within the top 100 is at risk of dropping.

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GMX 1- 30 days price chart. Source: Finbold

Pepe: The Meme Coin Coin Phenomenon

Pepe gained whole lot of attention as a Meme Coin coin in 2023. With a substantial supply of 420.69 trillion tokens, it managed to enter the top 100 digital currencies through purely speculative action. Nonetheless, 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.

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Disclaimer: The content provided on this site should not be considered investment advice. Investing in digital currencies carries speculative dangers, and your financial resources is at risk when investing.

Hot Take

The recent performance of these digital currencies outlines the volatility and dangers associated with the cryptocurrency 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 notified decisions.

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Author – Contributor at | Website

Fin Boldom has emerged as a notable crypto analyst, accomplished researcher, and adept editor, leaving a distinct mark in the field of cryptocurrency. As a skilled crypto analyst and researcher, Fin’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. His analytical acumen is seamlessly complemented by his editorial finesse, enabling him to distill intricate crypto information into easily comprehensible content

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