3 cryptocurrencies that fell off a cliff in the last month
The cryptocurrency market has been volatile in recent months, with some projects losing over 30% of their value in one month, for over 1% accumulated daily losses. Here are the three worst-performing projects in the last 30 days among the top 100 digital assets by market capitalization as of September 7:
- Gala Games (GALA): -32.57%
- GMX Protocol (GMX): -32.40%
- Pepe (PEPE): -30.39%
Interestingly, these three crypto tokens have trended among the best-performing assets in the past, with PEPE and GMX conquering the market’s interest in 2023, while GALA presented good performance during the 21’s and 22’s blockchain games fever.
Gala Games (GALA)
Gala Games was created by game developers willing to make blockchain games fun and more playable, removing the focus on finance incentives, which dominated the industry in the last bull market.
GALA is a utility token used to buy NFTs and other resources by games launched in the Gala Games store. Changing hands between $0.015 and $0.02 by press time, while sitting in the 85th position by market cap, with a registered volume of over $40 million in the last 24 hours.
GMX Protocol (GMX)
The GMX Protocol is a decentralized exchange (DEX) for margin trade. It allows traders to open leveraged trading positions by depositing collaterals in Ethereum (ETH), Avalanche (AVAX), or Circle USD (USDC).
Interestingly, these traders are betting against GMX holders, who provide liquidity and collect fees from the operations. The GMX is also a governance token, allowing its holders to vote in governance proposals for the platform.
Meanwhile, GMX is priced at $34.05 by press time, with close to $17 million in exchanged volume in the last 24 hours, close to dropping from the top 100.
Pepe (PEPE)
Pepe was the most trended meme coin in 2023, with a gigantic supply of 420.69 trillion tokens, that entered the top 100 cryptocurrencies after a massive purely speculative action.
PEPE investors were panicking as the Ethereum address belonging to the team behind Pepe (“0xa34…f2ea0”) transferred 16.045 trillion PEPE worth $16.85M to four exchanges in Binance, OKX, KuCoin, and Bybit on August 24.
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