The cryptocurrency market has followed a volatile course in recent months. In this process, some altcoin projects lost more than 30% of their value within a month. Let’s take a closer look at these altcoins.
3 altcoins sitting at the forefront of the losers club!
cryptocoin.com As you’ve been following from , the crypto market has been a bit stagnant lately. However, it has followed a very volatile course in recent months. Leading crypto Bitcoin and most altcoins began a rally following Grayscale’s victory against the SEC. However, this spring weather did not last long. It gave back its gains after the SEC postponed its decisions on spot Bitcoin ETF applications. During this volatile period, some altcoins saw sharp declines. Among the top 100 cryptocurrencies, the three worst-performing altcoins in the last 30 days are:
- Gala Games (GALA): 32.57% loss.
- GMX Protocol (GMX): 32.40% loss.
- Pepe (PEPE): 30.39% loss.
The biggest losers among the top 100 in the last 30 days. Source: CoinMarketCapInterestingly, these three altcoins have been among the best-performing assets in the past. PEPE and GMX garnered market attention in 2023, while GALA performed well during the blockchain gaming fever in the 2021s and 2022s.
Gala Games (GALA) sits first among the losers.
Gala Games was created by game developers who want to make Blockchain games fun and more playable. The altcoin has removed the focus on financial incentives that have dominated the industry in the recent bull market. GALA is a utility token used by games launched on the Gala Games store to purchase NFTs and other resources. The token is changing hands between $0.015 and $0.02 according to press time. Meanwhile, it ranks 85th by market capitalization with over $40 million in trading volume in the last 24 hours.
GALA 1 month price chartThe second-ranked altcoin is GMX Protocol (GMX)
GMX Protocol is a decentralized exchange (DEX) for margin trading. It allows investors to open leveraged trading positions by depositing collateral in Ethereum (ETH), Avalanche (AVAX) or Circle USD (USDC). Interestingly, these traders are betting against GMX holders who provide liquidity and collect fees from operations. GMX is also a governance token. Thus, it allows owners to vote on governance proposals for the platform. Meanwhile, GMX is trading at $34.05 at press time. The altcoin is close to falling out of the top 100, with a trading volume of close to $17 million in the last 24 hours.
GMX 1 month price chartPopular meme coin Pepe (PEPE) also fell off the cliff!
Pepe became the most trending meme coin in 2023 with a massive supply of 420.69 trillion tokens. Thus, it has entered the top 100 cryptocurrencies after a big completely speculative move. PEPE investors panicked when the Ethereum address (“0xa34…f2ea0”) belonging to the team behind Pepe transferred 16.045 trillion PEPE worth $16.85 million to four exchanges on Binance, OKX, KuCoin and Bybit on August 24. Meanwhile, PEPE is trading at $0.000000806 at press time. Additionally, the token has a 24-hour trading volume of $36,593,758. PEPE is ranked 91st in the current CoinMarketCap rankings.
PEPE 1 month price chart
