Collapsed by 90%. Top 5 collapsed altcoins

The cryptocurrency world was recently shaken by the collapse of the Terra (LUNA) blockchain ecosystem. The collapse of the TerraUSD (UST) algorithmic stablecoin and its backing token, LUNA, has already made history in the industry. As it turns out, such disasters are quite common. Last week, at least five assets considered to be promising depreciated by more than 90% from their all-time highs (ATH).

ATH (All-Time-High) is the highest price a coin or token has reached since it appeared on the market.

Some of the largest crypto-assets in terms of capitalization almost made it to the list: Dogecoin (DOGE), which lost 88% of ATH, Uniswap (UNI) which fell by 87%, and XRP (XRP) which collapsed by 87%.

Let's take a look at the top 5 cryptocurrency assets that fell in value by more than 90% from their all-time highs.

dYdX (DYDX)

At its peak, the decentralized exchange token dYdX (DYDX) was worth $27,86 and is currently trading at $2,06 (according to Binance), down 92,6%.

The main blow to the token came in April of this year when crypto exchange Binance removed the DYDX/ETH currency pair from its platform.

The drop in value from ATH occurred in September 2021 and was partly due to the ban on cryptocurrency transactions in China. The tightening of the crypto industry meant that many companies, including centralized exchanges that were still conducting over-the-counter transactions in the country, cut back and eventually stopped providing services to the Chinese. As a result, this group of clients began to look for alternative solutions in the market, such as dYdX. At that time, trading volume on the exchange continued to grow and surpassed the $10 billion mark.

Transactions on the dYdX platform are done via Ethereum-based smart contracts. To avoid high fees on the core network, dYdX uses StarkWare's Layer 2 (L2) solution.

LooksRare (LOOKS)

The price of the native token of the LooksRare (LOOKS) NFT marketplace token peaked at $7,10 on January 20, 2022. As of June 1, LOOKS is trading at $0,50. The token's price has collapsed 93% from its ATH.

LooksRare came out of nowhere in January of this year and has become the biggest competitor to OpenSea's mainstream market for non-fungible tokens. As it turned out, there were wash trading operations on LooksRare. In such a scheme, users buy and sell NFTs between their wallets, creating the illusion that the platform was processing large volumes of transactions.

On January 31, analyst firm CryptoSlam said that $8,3 billion in laundered trading transactions featuring LooksRare were involved. This eventually led to a drop in the token's value.

We just removed over $5 billion in #NFT wash sales from our sales volume figures.Read more about the @LooksRareNFT phenomenon and how we're now tracking "wash" transactions.👉https://t.co/b4EO2plHA7 pic.twitter.com/AtyqbpAKwY— CryptoSlam! (@cryptoslamio) January 28, 2022

Then, in April, Bloomberg reported, citing CryptoSlam, that about $18 billion, or 95% of the trading volume on LooksRare's NFT marketplace involved wash trading.

EOS

The value of the EOS token peaked on April 29, 2018, at $22,71. As of June 1, the token is trading at $1,36. This represents a loss of 94% of ATH.

The EOS.IO blockchain project was one of the first Ethereum “killers” to raise $4,2 billion in an ICO. After several test versions, it was officially launched in June 2018.

ICO stands for Initial Coin Offering, which refers to the period during which the project collects investment before launching.

Supporters of the project included Alan Howard, hedge fund manager at Brevan Howard; Louis Bacon, CEO of Moore Capital Management; and Peter Thiel, co-founder of PayPal and Palantir, to name a few.

Filecoin (FIL)

On April 1, 2021, the price of the FIL token peaked at $236,84. Currently, its rate is $8, a drop of 96,6%.

Filecoin, a decentralized storage system, was launched in 2017 and raised a record amount during the ICO. It totaled $257 million, surpassing the $232 million raised by Tezos, which was previously the maximum amount.

Among the investors were such giants as Sequoia Capital, Andreessen Horowitz (a16z), and Union Square Ventures.

Filecoin was launched to create a decentralized digital storage network through which users could rent out their disk space and be rewarded for it.

Internet Computer (ICP)

ICP token was worth $700 after the launch and is now trading at $8,37. That means a drop of at least 98,8%.

ICP is a token of the DFINITY Foundation, a Swiss nonprofit organization. It was launched in 2021 and immediately began a meteoric rise. In less than four days, the token took the eighth position on the list of the most capitalized crypto-assets.

The project has been in development since 2016. The DFINITY Foundation's goal is to create a decentralized and scalable blockchain in the cloud to store data and support applications. ICP is the native token of this network.

It is led by an enthusiastic entrepreneur from the high-tech industry, Dominic Williams, and his goal is to create a public Internet free from the “claws” of big tech, that is, companies such as Google, Facebook, or Amazon.