About four months ago, four of the top rebase tokens by market valuation were worth close to $8 billion in USD value and today, the entire lot of rebase tokens collectively are valued at $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.
Over $7 Billion Exited the Rebase Token Economy During the Last Four Months
During the first week of November, Bitcoin.com News reported on the olympus (OHM) rebase token and how the algorithmic reserve-backed crypto asset worked. Three weeks later, OHM’s overall market capitalization tapped an all-time high (ATH) at $4.35 billion on November 23. OHM already recorded an all-time price high months earlier in April, when it reached a high of $1,415 per coin on the 25th. Since that day, olympus (OHM) has shed 98.1% in value against the U.S. dollar.
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. Since November 7, TIME has lost 98.8% in value against the U.S. dollar. The rebase token redacted cartel (BTRFLY) has dropped 93.6% in value and klima dao (KLIMA) is down 99.5%.
At one time, the aggregate market capitalizations of OHM, TIME, BTRFLY, and KLIMA was around $7.885 billion and today, the dozens upon dozens of rebase coins are worth $1.14 billion. In more recent times, a slew of rebase tokens saw double-digit gains, in terms of two-week standings. 14-day data shows the rebase coins midasdao (CROWN), dollars (USDX), spartacus (SPA), euphoria (WAGMI), and templedao (TEMPLE) have seen prices gain by double digits against 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 are staking $638.76 million today, but TIME has only seen $630,447 in 24-hour global trade volume. TVL metrics, and the aggregate global trade volume for rebase tokens, in general, have also dropped considerably over the last four months.