Seven months ago, the top rebased crypto tokens by market cap were collectively worth $8.03 billion, since then the entire rebased token economy has lost over 92%, dropping to $577 million Olympus has fallen 99% from its all-time high (ATH) for assets, klima dao has shed 99.9%, and wonderland is down 99.8% from its ATH.
Elastic Rebase tokens failed to meet expectations, falling 92% since November 2021
The rebase token became very popular last year when the bull run began and its fiat value jumped significantly toward the end of 2021. These days, like algorithmic stablecoins, the rebase token has seemingly spooked investors.
Essentially, a rebase or elastic token is a type of crypto asset that adjusts the supply of coins by the way its price reacts to market changes and the reserves held by the project. Olympus (OHM) was one of the first rebase tokens, and this project has triggered many rebase token forks that have tried different rebasing mechanisms.
Late last year, the rebest tokens were tops in terms of fiat value, as the entire rebest tokens economy was valued at$8.03 billion on November 21, 2021. Today, according tostatisticsthe top rebase tokens by market cap are valued at $577 million in total. Most of the top rebase tokens reached all-time highs in November 2021, with OLYMPUS (OHM) being the top rebase token by market cap.
On that November day, Olympus DAO’s treasury-backed free float currency went hand in hand at $856 per unit. However, the ATH of the OHM was recorded before November, reaching $1,415.26 per unit on April 25, 2021. Today, however, OHM is being replaced at a much lower price, as OHM’s fiat value has ranged from $13.60 to $14.41 per unit over the past 24 hours.
Last November, Wonderland (TIME) was the second largest rebased token by market valuation, but today it holds the eighth largest position; on that day seven months ago, TIME was trading at $8962 per unit after achieving ATH two weeks earlier. TIME, an Avalanche-based fork of OHM, recorded $10,063 per unit on November 7, 2021.
On July 11, 2022, Wonderland (TIME) was worth $22.11 per unit after losing 99.8% against the USD since the rebase token ATH. Similarly, klima dao (KLIMA) was trading at $1,644 per unit seven months ago, but today KLIMA is trading at a much lower value of $3.20 per unit.
Like Wonderland (TIME), KLIMA went from #3 in November 2021 to #7 during the second week of July 2022. It dropped a position among the top rebase tokens: seven months ago, three of the top four rebase tokens were trading at four-digit prices; today, the coins are exchanging at three-to-single-digit values.
OHM remains the largest rebase token in terms of market valuation, but after several market position shifts, the second and third places now belong to Temple Dao (TEMPLE) and Snowbank (SB). According to the data, as far as the performance of the rebestoken market is concerned, most of the losses occurred from the high of November 2021 to mid-April 2022.
By April 16, 2022, the majority of the top rebased coins in the crypto economy had fallen more than 90% in USD value, bringing the total of the top rebased tokens by market capitalization down to $1.14 billion. Metrics show that from mid-April 2022 to now, an additional 49.38% of the fiat value has been shaved off from the $1.14 billion that the top rebase tokens collectively held 86 days ago.
What do you think about the market performance of rebesto tokens such as olympus, wonderland, klima dao and others over the past 7 months? Let us know your thoughts on this subject in the comments section below.
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