Leading Blockchain analysis firm IntoTheBlock has revealed the dire situation of altcoin investors. The crypto winter felt since November 2021 has reset the profits of some cryptocurrencies…
Altcoin investors are suffering, according to IntoTheBlock report
According to a new IntoTheBlock report, the majority of Cardano (ADA) and Polygon (MATIC) investors are sitting at losses. Accordingly, 94% of Cardano investors are at a loss. Only 5% of ADA investors see their positions in the green. The remaining 1% is neither profitable nor at a loss.
The report shows the impact on investors after the decline of altcoin projects such as Cardano and Polygon. Cardano, in particular, is going through an interesting period, leaving the majority of its investors at a loss. The current situation for ADA investors is as follows:
Cardano is currently trading down 91.73% from its ATH level of $3.09 reached on September 2, 2021. The popular altcoin, which fell to 7th place by market value, is having difficulty staying above $ 0.25.
Polygon (MATIC) investors also suffered big losses
According to the IntoTheBlock report, 95% of MATIC investors expect losses. Only 4% of these wallets are in profit and 1% are breakeven. Polygon is currently trading down 81.48% from its ATH of $2.92 recorded on December 27, 2021. Like ADA price, MATIC price is also struggling to hold the critical $0.50 support.
AVAX is the worst: All altcoin investors are at a loss!
According to IntotheBlock, almost all investors in Avalanche (AVAX) are at a loss. This rate has exceeded 99% and only 1% reports neither profit nor loss. Avalanche is currently trading at a 93.16% discount to its ATH of $144.96 recorded on November 21, 2021. It has fallen below the psychological $10 support in recent weeks. The altcoin, which was once among the top 15, is about to move away from the top 20 with the recent decline.
Here are other altcoin projects that erased gains
Other altcoin projects that many investors see in the red include layer 2 scaling solution Arbitrum (ARB). Blockchain-based game Axie Infinity (AXS) is one of the notable projects on the list. On-chain analyst Ali Martinez wrote about AXS from his X account today:
Data from IntotheBlock shows that AXS 99.54% of all addresses purchased/received are currently out of money.
#AxieInfinity holders in despair!
Data from @intotheblock shows that 99.54% of all addresses that bought/acquiered $AXS are currently out of the money. pic.twitter.com/tzQks7z2zJ
— Ali (@ali_charts) September 1, 2023
According to IntotheBlock’s report, altcoin projects that are currently causing losses to the majority of their investors are:
- Chiliz (CHZ)
- ApeCoin (APE)
- Sandbox (SAND)
- Algorand (ALGO)
Latest situation in CHZ, APE, SAND and ALGO
According to the analytics firm, 95% of Chiliz investors are at a loss, 3% are at a profit and 2% are at breakeven. Chiliz is currently trading at a 93.19% discount to its March 13, 2021 ATH level of $0.878. 98% of sandbox investors are in the red zone and only 2% are in profit. cryptokoin.comAs we reported, recent token unlock events triggered additional sales pressure on prices.
