Fun

Top 3 Rebase Token Markets Shudder — Stats Show TIME, OHM, BTRFLY Lost Billions Since All-Time Highs

News Feed - 2022-01-19 03:01:17

Top 3 Rebase Token Markets Shudder — Stats Show TIME, OHM, BTRFLY Lost Billions Since All-Time Highs


While the crypto economy has shed more than 3% in fiat value during the last 24 hours dropping to $2.09 trillion, the top rebase tokens by market capitalization have seen significant losses this week. At the time of writing, the rebase token economy is valued at over $3.2 billion but has lost more than 10% in value during the last 24 hours. The largest rebase token economies such as Wonderland, Olympus, and Redacted Cartel have shed between 36% to 55% over the last week. Top 3 Rebase Token Protocols Shed Billions in Value Over the Last Week, Wonderland Down 87% Since High


On the first day of November 2021, Bitcoin.com News took a deep dive into the Olympus DAO and the reserve-backed asset called OHM. Olympus is a decentralized finance (defi) project that is described as a rebase token and since Olympus started, a myriad of Olympus forks have been born. The top nine rebase tokens by market capitalization on January 18, 2022. At the time of writing, there’s more than $3 billion in rebase tokens today, but the overall value has shed more than 10% in 24 hours. Rebase token market metrics were recorded at 1:15 p.m. (EST).


Essentially, rebase token protocols adjust the token supply in a periodic fashion or when the price fluctuates. Olympus was once the largest rebase token project, but the project Wonderland is now the largest market cap with $1.1 billion. The market valuation of all the OHM in circulation today is $945 million. Olympus (OHM) chart on January 18, 2022. OHM has had a 24-hour price range between $109.83 to $125.33 per unit. Rebase token market metrics were recorded at 1:15 p.m. (EST).


This past week was not a good time for rebase token investors, and discussions of losses and liquidations can be seen littered all over social media. Moreover, on January 17, 2022, reports show that Wonderland’s token TIME was trading below the treasury limit. One user claims he lost over 2,000 TIME or roughly $9.5 million in a liquidation.


“This is what happens when people fall for the ‘it cannot fall below backing’ metanarrative,” one user responded to the person who lost 2,000 TIME. “I lost 38 wmemo (roughly $2.5M) well below the backing price. Feel your pain brother,” another Wonderland trader replied.


During the last two weeks, wonderland (TIME) has lost 57.9% and the crypto asset is down 87.1% from the asset’s all-time high on November 07, 2021. Furthermore, the project’s other native asset wonderland memories (WMEMO) is down 25.6% over the last seven days.


According to Wonderland developers, the team did leverage a token buyback. The Wonderland CFO 0xsifu insisted: Several million has once again been used to buy below our backing price, returning the price to our intrinsic value. As a reminder: Unlike most others: Wonderland buys at the backing price. Olympus Down 92% Since ATH, Ampleforth Jumps 63%


Wonderland lost 36.2% this past week, olympus (OHM) dropped by 43.2%, and redacted cartel (BTRFLY) lost 55.3% in USD value. Wonderland (TIME) chart on January 18, 2022. TIME has had a 24-hour price range between $950.42 to $1,527.46 per unit. Rebase token market metrics were recorded at 1:15 p.m. (EST).


OHM is down more than 92% since the crypto asset’s all-time high nine months ago on April 25, 2021, at $1,415 per OHM. Despite the top three rebase tokens losing considerable value, the rebase coin ampleforth (AMPL) gained 63.5% in value over the last seven days. Klima dao (KLIMA), however, shed 30.8%, hector dao (HEC) lost 42.9%, and the rebase token rome (ROME) decreased by 54.4% this week.


While the rebase token ampleforth did well this week, the rebase coins spartacus (SPA) and templedao (TEMPLE) saw double-digit gains between 11% to 25%. The rebase coins gravitoken (GRV), 8ight finance (EIGHT), and greenmoon (GRM) managed to stave off losses this past week as well. This weeks biggest rebase token losers include invictus (IN), redacted cartel (BTRFLY), rome (ROME), vesq (VSQ), and papa dao (PAPA). Tags in this story $3.2 billion, 8ight finance (EIGHT), ampleforth (AMPL), decentralized finance, DeFi, gravitoken (GRV), greenmoon (GRM), hector dao (HEC), Klima dao (KLIMA), Olympus, papa dao (PAPA), rebase coins, Rebase Rekt, rebase token economy, rebase tokens, redacted cartel (BTRFLY), reserve tokens, rome (ROME), Time, vesq (VSQ), WMEMO, wonderland


What do you think about the massive losses rebase token project saw this past week? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. 15 Privacy Coins See Double-Digit Weekly Gains, Monero Jumps 13%, Secret Gains 50% MARKETS AND PRICES | 1 day ago Cardano Price Surges After Metaverse Project Launch, ADA Gains More Than 30% in 7 Days MARKETS AND PRICES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Coingecko, Previous articleBlossom Capital’s Newly Launched $432 Million Fund to Focus on Crypto Startups Next articleBlockchain Firm Animoca Brands Raises $358 Million to Enhance Web3 and the Metaverse Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition


The Russian neobank Tinkoff is joining the world of cryptocurrencies with the purchase of a stake in Aximetria, a Swiss-registered and licensed company which provides clients around the world with services and solutions for digital financial assets. Tinkoff Bank Buys ... read more.NYCB and Group of Banks Join to Launch USDF Stablecoin Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament FTX Launches $2 Billion Venture Capital Fund Focused on Bolstering Blockchain, Web3 Adoption British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated

News Feed

Everything Bitcoin: L2s see wave of adoption, but security needs to catch up
Ana Paula Pereira3 hours agoEverything Bitcoin: L2s see wave of adoption, but security needs to catch upThe Bitcoin 2024 conference showcased dozens of protocols driving innovation on the Bitcoin blockchain. Cointelegrap
Bitcoin Rally To Continue If This Level Holds, Is $110,000 The Next Stop?
Este artículo también está disponible en español. After surpassing its $100,000 milestone, Bitcoin (BTC) recorded its largest retrace in the past month before recovering.
Bitcoin Mining Infrastructure Provider Lancium to Bolster Battery-Powered Demand Response at 25 MW Texas-Based Facility
Bitcoin Mining Infrastructure Provider Lancium to Bolster Battery-Powered Demand Response at 25 MW Texas-Based Facility According to Lancium Inc., a crypto mining infrastructure fi
Tom Blackstone2 hours agoBreaking: Some Multichain transactions are confirmed as queue unwindsPrior to November 1, the last transactions has taken place more than 117 days ago, according to Multichain"s explorer tool.224
The ‘Lunatic’ Movement: A Look at Terra LUNA’s Inception and the People That Helped Do Kwon Rise
The "Lunatic" Movement: A Look at Terra LUNA"s Inception and the People That Helped Do Kwon Rise After the LUNA and UST meltdown, many crypto investors have been curious about the
Terra Supporters Hope to ‘Defy the Odds’ by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity
Terra Supporters Hope to "Defy the Odds" by Pumping the Now-Defunct Stablecoin USTC Back to $1 Parity It’s been six months since Terra’s algorithmic stablecoin UST (now USTC) d
Central Bank Digital Currency Transactions to Reach $213 Billion Annually by 2030, Research Shows
Central Bank Digital Currency Transactions to Reach $213 Billion Annually by 2030, Research Shows A new study shows that payments via central bank digital currencies (CBDCs) are ex
Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November
Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November Cryptocompare, the firm that provides institutional and retail investors with real
Dogecoin Sights Rebound As RSI Hits Oversold Levels Near $0.3563
Este artículo también está disponible en español. Dogecoin is approaching a critical juncture as it hovers near the $0.3563 mark, with the Relative Strength Index (RSI),
European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft Law
European Union Seeks Strict Regulation of Crypto and Stablecoins in New Draft LawThe European Commission, the executive arm of the E.U., has drawn up regulation to tightly monitor c
Bitcoin’s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions
Bitcoin"s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions The Bitcoin blockchain has 40.49 gigabytes (GB) to go until it reaches half a terabyte (TB), and with the
Bitcoin Price Flashes Golden Cross That Only Happens Once Every Cycle, What To Expect
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu