Three Worst-Performing Digitalย currencies in the Last Month
Overย recentย months, the digitalย currency market has experienced wholeย lotย of volatility, resulting in some projects losing over 30% of their value within a 30ย days. This equates to a daily loss of over 1%. Letโs take a look at the 3 worst-performing projects between 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 Ethereumย (ETH), Avalancheย (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. Inย addition, GMX serves as a governance token, allowing holders to vote on platform governance proposals.
Asย ofย now, GMX is priced at $34.05 and has experienced an exchanged volume of nextย to $17 Million in theย previousย day. Nonetheless, its position within the top 100 is at risk of dropping.
Pepe: The Memeย Coin Coin Phenomenon
Pepe gained wholeย lotย of attention as a Memeย Coin coin in 2023. With a substantial supply of 420.69 trillion tokens, it managed to enter the top 100 digitalย 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.
Disclaimer: The content provided on this site should not be considered investment advice. Investing in digitalย currencies carries speculative dangers, and your financialย resources is at risk when investing.
Hot Take
The recent performance of these digitalย 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.
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
