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The Stunning Decline of Rebase Tokens: From $8 Billion to $351 Million in Less Than Two Years
The harsh crypto winter has wreaked havoc across the digital currency landscape, wiping out the value of numerous cryptocurrencies. Among the casualties of this financial devastation, a unique category of digital assets, known as rebase tokens, witnessed a dramatic deflation in value over a span of 20 months. Emphasizing the magnitude of this collapse, the aggregate value of the leading rebase tokens fell from a high of $8 billion in November 2021 to a mere $351 million today.
Rebase Tokens Feel the Chill of Crypto Winter: A $7.68 Billion Erosion in Worth
In the year 2021, the valuation of rebase tokens skyrocketed to an astonishing $8.03 billion, at a time when the overall crypto market was valued at a towering $2.78 trillion. Fast-forwarding to the present, the total crypto market has shrunk to $1.21 trillion, with the rebase token economy bearing the brunt of the contraction, particularly during the bearish trends of 2022.
Rebase tokens form a unique cryptocurrency category, having the ability to adjust their supply using a method known as rebasing. They are designed to fulfill specific financial goals by dynamically changing the supply of tokens.
The rebase economy, which once proudly stood at over $8 billion in November 2021, has suffered a dramatic decline, losing an overwhelming $7.68 billion in value. Just 20 months back, tokens like Olympus DAO’s OHM were valued at $856 each, while Wonderland’s TIME had a price tag of $8,962 per coin.
By the time August 11, 2023, arrived, historical data recorded a stark contrast: OHM had collapsed to $10.60 per coin, and TIME had dropped to $13.60. Even with a significant reduction to $191 million, OHM maintains its leading position, once having a market capitalization of $3.99 billion.
On August 11, 2023, the leading eight rebase tokens were topped by OHM, with a 54.41% share of the $351 million total rebase token economy.
TIME, formerly in second place with a $2.05 billion valuation, has now fallen to seventh, its worth shrunk to a paltry $12.23 million. Between TIME and OHM in the digital currency rankings are coins including TEMPLE, SB, AMPL, FHM, and KLIMA.
Several assets have faced severe setbacks; TEMPLE is down 68.76% from its peak, while AMPL has dropped 73.55%. OHM’s 26.66 million tokens are distributed across 6,927 unique addresses, with a circulating supply of 17,939,074 OHM. Olympus DAO maintains the liquid backing for OHM at $11.34 per token.
The activity of OHM is also marked by 365,981 transfers, with Olympus DAO controlling 62.79% of the total supply. On the other hand, Wonderland’s TIME has 51,970,826.48 circulating coins across 33,648 distinct addresses, with an astonishing 99.93% staked within the Wonderland TIME staking address.
Though rebase tokens have faced extreme devaluation, falling to just $351 million, this figure persists as a faint pulse within the broader crypto ecosystem—a space that has shown stronger resilience. While rebase tokens continue to struggle, the wider digital currency universe is recovering at a rate that surpasses the sluggish recuperation of the rebase token economy.
Do you have any thoughts or insights on the drastic decline in the rebase token economy over the previous 20 months? Please share your opinions on this topic in the comments section below.
Frequently Asked Questions (FAQs) about fokus keyword: rebase tokens
What are rebase tokens and how did they decline in value?
Rebase tokens are a unique category of cryptocurrencies that can adjust their supply through a method called rebasing, aiming to meet specific financial objectives. The rebase token economy witnessed a stunning decline from $8 billion in November 2021 to $351 million as of August 2023. This collapse occurred in the wake of the crypto winter, where the overall crypto market faced significant contraction, particularly during the bearish cycle of 2022.
What were the values of OHM and TIME tokens, and how have they changed?
In November 2021, Olympus DAO’s token OHM was priced at $856 per unit, and Wonderland’s TIME was valued at $8,962 per coin. By August 11, 2023, OHM had plummeted to $10.60 per coin, and TIME had tumbled to $13.60.
How does the rebasing mechanism work?
The rebasing mechanism in rebase tokens allows for the dynamic alteration of the token’s supply. This distinctive feature aims to meet specific price targets or financial goals by automatically adjusting the number of tokens in circulation in response to market conditions.
Who are the main players in the rebase token economy as of August 11, 2023?
As of August 11, 2023, the primary players in the rebase token economy include OHM, TIME, TEMPLE, SB, AMPL, FHM, and KLIMA. OHM dominates with a 54.41% share, while TIME has descended to the seventh position.
What is the current state of the rebase token economy within the broader crypto landscape?
Despite the extreme devaluation of rebase tokens to $351 million, this figure continues to exist as a faint heartbeat within the broader crypto ecosystem. While the general digital currency world demonstrates resilience and is healing at a more robust pace, the rebase token economy’s recovery is slower and continues to struggle.
More about fokus keyword: rebase tokens
- Crypto Winter Explained
- Rebase Tokens: An Introduction
- Olympus DAO
- Wonderland’s TIME Token
- Cryptocurrency Market Analysis
5 comments
crypto winter is harsh; seen lot of people loosing money, including myself 🙁 rebase tokens were the future once! What went wrong?
It’s like a rollercoaster in the crypto world. You never now what’s coming next. Got to keep up to date to survive in this game.
im invested in OHM and these stats r shocking, What’s the future looking like for this coin, anybody?
whos to blame for this Can the rebase tokens ever bounce back its scary how fast they plummeted.
Really surprised at how rebase tokens took such a hit, i mean it’s a whooping $7.68 billion loss! Is there any hope left for investors??