In this article, we discuss the 5 cryptocurrencies that performed poorly during the crypto crash of 2022. If you want our detailed analysis of the crypto market heading into 2022, go directly to Crypto Crash 2022: Top 10 Losers in January.
5. Solana (SOL)
Decline in Price in January 2022: 44.1%
Launched in 2020, Solana is a public open-source blockchain platform that provides reliable and scalable decentralized finance transactions, using both proof-of-stake and proof-of-history mechanisms. The native currency of Solana is SOL.
The Solana Foundation announced that the maximum supply of SOL tokens will be 489 million, and at the moment about 260 million of these tokens have already entered the market. One of the key elements that boosted SOL’s market credibility and traffic on the platform was the launch of the Degenerate Ape NFT on August 16, 2021.
Solana is unique because it allows for rapid processing times and charges lower fees as compared to many other platforms in the market. SOL returned over 9000% in 2021, and was one of the top cryptos of 2021. However, despite the buzz around the coin in 2021, its price declined by 44.1% in January 2022, making it one of the top losers for the period.
4. Revain (REV)
Decline in Price in January 2022: 45.3%
Revain is a platform that provides reviews for Ethereum-based tokens, adding value for developers when they receive constructive and critical reviews for their projects. Revain was the first platform of its type, which offered the features of a review site and blockchain technology. The primary token for the Revain platform, namely REV, helps facilitate interactions between users on the platform. In January 2022, REV was one of the top crypto losers, with the price falling by 45.3%.
Revain was created by a Russian group of technologists in 2018, and the chief executive officer is Rinat Arslanov, a venture capitalist and entrepreneur with over a decade of blockchain industry experience.
Revain provides companies with specific criteria for evaluating the quality of user-generated reviews. For example, companies can ask reviewers to attach proof for credibility, and inability to provide sufficient evidence for their claims can have the reviews rejected by Revain’s protocol.
3. Curve DAO Token (CRV)
Decline in Price in January 2022: 46.8%
Michael Egorov, a Russian scientist with experience in cryptocurrency-related enterprises, is the founder and chief executive officer of Curve DAO Token. Curve DAO Token is one of the top contenders for stablecoin trading.
Curve DAO Token allows DeFi activities on its platform, including yield farming and liquidity mining, in addition to catering to investors who want to maximize returns with minimum risk, since the platform provides trading in non-volatile stablecoins.
CRV was launched in August 2020 and is positioned as a governance medium, incentive structure, and fee payment method on the Curve DAO Token platform. The total CRV supply is 3.03 billion tokens, and the crypto crash of 2022 resulted in the coin’s price declining by 46.8%, rendering it as one of the top losers in January.
2. Loopring (LRC)
Decline in Price in January 2022: 51.9%
Loopring is an open protocol meant to build decentralized cryptocurrency exchanges, and the native token of Loopring is LRC. Loopring aims to develop a crypto exchange platform where the benefits of traditional centralized exchanges and decentralized applications are combined, to allow for the best of their aspects to be presented in a hybrid outcome.
While the Loopring protocol was launched in December 2019, the LRC tokens went live back in 2017. The founder and CEO of Loopring is Daniel Wang, a Shanghai-based software engineer and businessman. Loopring currently operates on the Ethereum and Neo blockchains, and it plans to add support for the Qtum blockchain.
LRC’s price dipped 51.9% in January 2022, making it one of the top crypto losers for the period.
1. Kadena (KDA)
Decline in Price in January 2022: 52.4%
Kadena is a blockchain platform that offers the security of Bitcoin, providing smart contracts, industrial scalability, proven safety of transactions, and energy efficient operations.
The native currency of Kadena is KDA, with a maximum supply of 1 billion tokens and current circulation of 167.8 million. In January 2022, KDA’s price declined by 52.4%, making it one of the worst performing cryptocurrencies for the period.
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