Market Downturn in Early July
July 2024 has been tough for crypto investors. Bitcoin fell nearly 10% in the first week. Some tokens dropped even more during this period. Here are the top five losers by percentage drop over the past seven days.
Brett (BASED)
- Market Cap: $1.2 billion (July 2024)
- Max Price: $0.2
- Total Supply: 9.9 billion
- Weekly Drop (July 1-7): -25%
Brett, a meme coin related to Pepe, started trading in March 2024. The token’s price surged from $0.03 to nearly $0.2 by June. This week, Brett’s price dropped to $0.1 before recovering to $0.12, still losing a quarter of its value. Brett’s unique ecosystem allows participants to discuss and develop the brand collectively.
Fantom (FTM)
- Market Cap: $1.2 billion (July 2024)
- Max Price: $3.1
- Total Supply: 3.2 billion
- Weekly Drop (July 1-7): -24.5%
Fantom is a smart contract platform for decentralized apps using a Directed Acyclic Graph (DAG). It aims to make transactions faster and cheaper while maintaining high security. Over 300 apps run on Fantom, with transaction costs averaging one cent. The project raised around $40 million in its ICO, selling 40% of its tokens. FTM is used for network fees and staking.
dogwifhat (WIF)
- Market Cap: $2.2 billion (July 2024)
- Max Price: $4.5
- Total Supply: 998 million
- Weekly Drop (July 1-7): -24%
WIF, a meme coin featuring a Shiba Inu in a hat, was a top gainer last week (+36%). This week, it’s a loser. A trader famously turned a $310 investment in WIF into $1.4 million. However, WIF lost almost a quarter of its value last week, dropping to $1.75.
Pepe (PEPE)
- Market Cap: ~$3.2 billion (July 2024)
- Max Price: $0.00001
- Total Supply: 420 trillion
- Weekly Drop (July 1-7): -22%
Pepe, inspired by the meme frog, saw its token price surge over 900% in one day after launch. Despite the illustrator Matt Furie not knowing about PEPE, the token’s price has been falling since March 2024. This past week, it lost 22%.
Ethena (ENA)
- Market Cap: $700 million (July 2024)
- Max Price: $1.46
- Total Supply: 15 billion
- Weekly Drop (July 1-7): -21%
Ethena is a synthetic stablecoin protocol, USDe, on Ethereum. Developers aimed to create a solution independent of traditional banking. The token is pegged to the USD through a system of collateral assets within the protocol. Since its launch on Binance Launchpool, Ethena attracted over $2 billion in user assets. An airdrop rewarded contributors with ENA tokens, yielding 70-100% in a month.
