Rebase tokens, the highest tokens by market capitalization, have lost more than 92% of their value since peaking at $8.03 billion seven months ago, falling to just $577 million.
When the bull run began, rebase tokens became increasingly widespread, and their fiat values rose considerably in the middle of 2021. Tokens like algorithmic stablecoins, appear to deter investors lately, acting similarly.
A rebase or elastic token is a crypto asset that modifies the coin’s supply by tracking how the value responds to market changes and how many reserves the purpose has. The first rebase token, Olympus (OHM), was one of many first and significantly impacted the creation of numerous rebase token forks that experimented with different reshaping techniques.
Rebase tokens have been falling short of expectations since November 2021
On November 21, 2021, the whole token system was valued at $8.03 billion in fiat currency values, with base tokens having been on the top since their inception by way of fiat value. The most valuable rebase tokens by market capitalization now total $577 million.
In November, the free-floating foreign money backed by the Olympus DAO treasury was trading arms for $856 per unit. Despite this, OHM’s ATH was recorded earlier than November, when it hit $1,415.26 per unit on April 25, 2021.
OHM is presently trading for fewer dollars owing to OHM’s fiat value of $13.60 to $14.41 per unit, decreasing over the past 24 hours.
In November, Wonderland (TIME) was the second-largest rebased token by market capitalization and presently holds the eighth position.
Rebase tokens’ current price per unit
On that day seven months ago, TIME was trading for $8,962 per unit after reaching an ATH two weeks previously. On November 7, 2021, TIME, an Avalanche-based fork of OHM, hit $10,063 per unit.
After shedding 99.8% against the US greenback due to the token’s ATH, wonderland (TIME) is now worth $22.11 per unit on July 11, 2022.
Similarly, seven months ago, Klima dao (KLIMA) was purchased and sold for $1,644 per unit. KLIMA is currently buying and selling for less than $3.20 per unit.
In late July 2022, as the Bitcoin price fell and maintained a consolidation pattern, KLIMA dropped ranks among the leading tokens for the third time since November 2021, to seventh place.
Three of the most expensive four rebase tokens were purchased and sold for four-digit prices just three months ago, but at the minute, their cash is changing for 3 to 1-digit values.
According to market value, the most important token is OHM (OHM). After some market adjustments, the second and third places are held by temple dao (TEMPLE) and snowbank (SB), respectively.
According to information, the rebase tokens market has suffered significant losses, with many of the gains from November 2021 to mid-April 2022 being passed on.
By April 16, 2022, the greatest tokens by market capitalization had dropped to $1.14 billion. Most of the highest rebase money within the crypto financial system had plummeted by 90% or more in USD value.
According to metrics, from mid-April 2022 to now, another 49.38 percent in fiat value was lost from the $1.14 billion amassed by the top tokens 86 days ago.