2022 was a year of phenomenal cryptocurrency blowouts, as several projects collapsed and many more are on life support after the entire ecosystem was shattered. The fallout from these digital currency projects has not only removed billions of dollars in value from the crypto economy, but also eroded trust. The following is a look at six high-profile cryptocurrency project implosions that took place during 2022’s crypto winter.
A Look at 5 Crypto Assets That Fell From Glory Amid the Crypto Market Downturn
History shows that there have been many failures in the cryptocurrency market economy over the years, and a great example is how eight out of the top ten coins on May 5, 2013, have basically been forgotten despite the fact that some still hold value. Coins such as freicoin (FRC), terracoin (TRC), devcoin (DVC), and mincoin (MNC) are all distant memories now. During the 2022 crypto winter, several high-profile crypto projects imploded. Below is a summary of these project failures or cryptocurrency assets that have seen their value slashed and communities decimated.
On Jan. 1, 2022, the crypto asset celsius (CEL) was trading for $4.26 per coin, and it was the 93rd largest cryptocurrency in terms of market capitalization at the time. CEL was essentially an exchange token, and the now-bankrupt crypto lender Celsius advertised the ERC20 token as “the backbone of the Celsius Network.” However, on June 13, 2022, the cryptocurrency lender paused all operations and halted withdrawals, and 30 days later, Celsius filed for bankruptcy protection.
Since June 13, CEL has been extremely volatile, and these days the ERC20 token trades for $0.48 per unit, which is 88.73% lower than its value on the first day of 2022. Ownership of the CEL is extremely concentrated, as more than 38% of the entire supply is locked in the bankrupt company’s wallets, and 100 CEL wallets hold 98.90% of the entire supply. Novawulf Digital Management has been revealed as the sponsor of the company’s reorganization plan.
421 days ago on Jan. 1, 2022, terra (LUNA) was the ninth-largest cryptocurrency in terms of market value, with a market cap of $31.86 billion. On that day, LUNA was trading for $88.08 per unit, and the network’s stablecoin UST was still pegged to the U.S. dollar. Today, LUNA is ranked 55th, and LUNA tokens trade for less than one U.S. cent at $0.00016135 per unit. UST is no longer pegged to the dollar and trades for $0.028 per…
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