OHM, TIME, KLIMA Down More Than 98% From All-Time Highs – Defi Bitcoin News
The four most valuable rebase coins by market capitalization were valued close to $8 billion USD in November 2017. Today the whole lot is worth $1.14 Billion. The largest rebase crypto by market capitalization, olympus (OHM), had a $4.3 billion market valuation last November, but after shedding 98.1% in USD value, OHM’s market capitalization is now $438 million.
The Rebase Token Economy has seen over $7 Billion in the Four Last Months
Bitcoin.com News published a report on OHM’s rebase token, and the operation of the crypto-backed algorithmic reserve. Three weeks later, OHM’s overall market capitalization tapped an all-time high (ATH) at $4.35 billion on November 23. OHM had already reached an all-time high price in April when it hit a record high of $1.415 per coin. Since then, olympus has seen a drop in value of 98.1% compared to the U.S. dollars.
OHM sparked a slew of Olympus forks and the Avalanche-based reserve currency protocol called wonderland (TIME) saw its market capitalization jump over $2 billion three days before OHM’s market cap ATH. While TIME’s market cap reached an ATH on November 21, the asset itself saw a price high on November 7, 2021, when it tapped $10,063 per unit five months ago. TIME’s value has dropped 98.8% against the U.S. Dollar since November 7. The value of the rebase token-redacted cartel (BTRFLY), has fallen 93.6%, while klima dao is at 99.5%.
In one time the market capitalizations totalling OHM TIME, BTRFLY and KLIMA were approximately $7.885 billion. Today the dozens upon dozens rebase coins amount to $1.14 billion. Recent rebase tokens have seen double-digit gains in two-week terms. The 14-day data from rebase tokens midasdao, dollars (USDX), templedao(TEMPLE), spartacus/SPA and euphoria/WAGMI have all seen their prices rise by double digits in comparison to the U.S. Dollar.
While OHM is 98.1% lower than it was in November, there’s still around $5.3 million in global trading volume and $24.71 million total value locked (TVL) in terms of staking. Wonderland users currently stake $638.76million, while TIME has seen only $630.447 in 24 hour global trade volume. TVL metrics and global trade volume of rebase tokens in aggregate have both declined significantly over the past four months.
How do you feel about the performance of tokens such as olympus and wonderland in the rebase market over the past four months? Please comment below to let us know your thoughts on this topic.
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