These seven altcoins are down over 40% from their all-time highs, recovery likely with latest developments
- Seven altcoins that have proposed developments to reduce the supply or control emissions are down over 40% from their all-time highs.
- Jupiter, Fantom, Avalanche, Echelon Prime, Arweave, Near Protocol and Jito prices dropped between 40% and 60%.
- Market capitalization of cryptocurrencies excluding Bitcoin is down 3% in the past seven days.
Crypto market capitalization excluding Bitcoin is down 3% in the past seven days and nearly 10% in the past 30 days, per TradingView. The shrinking market capitalization indicates that capital is flowing out of altcoins, the altcoins have likely wiped out their value over time in the ongoing cycle. There is potential for recovery in altcoins that have improved fundamentals, reduced supply or improved emission schedule.
Despite bullish developments that typically push asset price higher, these altcoins are down 40% or more from their all-time highs.
These seven altcoins improved their fundamentals
Jupiter (JUP) recently announced a proposal to reduce 30% of its supply, typically a bullish sign for the value of the asset. The proposal aligns with the community’s needs and could contribute to improving the fundamentals of the asset, driving relevance and value higher among market participants.
No time for an essay, so here’s the quick and dirty draft of the J4J plans:
— meow (@weremeow) June 19, 2024
1. JUP Proposal
- Propose 30% reduction in JUP total supply
- Team will voluntarily cut 30% from their assigned allocation
- Corresponding 30% reduction in Jupuary emissions
- Possible because we don’t… https://t.co/rt5JA9UMb2
JUP is down nearly 60% from its all-time high. At the time of writing, JUP is trading at $0.7774, per CoinGecko.
Fantom (FTM) informed the holder community of a treasury allocation of 200 million tokens, approximately worth $120 million to migrate partners to its new Sonic network. The funds will be allocated to native application grants, strategic grants to decentralized applications (dApps), infrastructure tools and developers within the ecosystem. FTM is down 83% from its all-time high and trading at $0.578 at the time of writing.
Governance News
— Fantom Foundation (@FantomFDN) June 21, 2024
Our 3rd #Sonic proposal is here! Ecosystem grants, novel burn mechanism, and innovative programs like Sonic Spark and Sonic University.
In addition to an up to 200M FTM Innovator Fund, this is set to skyrocket Sonic .
Vote now https://t.co/tYvADpQ4f7 pic.twitter.com/evqjSDDqsN
Avalanche (AVAX) was chosen by Konami for its gaming subnet. The Japanese game developer and publisher announced the development of its NFT solution through the new partnership. AVAX is trading at $24.45 at the time of writing, down 83% from its all-time high.
Echelon Prime (PRIME) corrected over 60% from its all-time high despite the announcement of staking for PROMPT and adjustments to its token emissions schedule. The token is trading at $10.62 on Sunday.
$PRIME Yield via $PROMPT caching in numerous scenarios below
— AiRev // (@ParallelAiRev) June 20, 2024
No one will outperform the 3 Year locker at 85x (now closed)
However, for those that value liquidity, starting at 21 Days and extending 52 times will earn a 36.6X multiplier or 243% in $PRIME (at $1B $PROMPT FDV) pic.twitter.com/GMQm9H8qi8
Arweave (AR) dropped over 43% from its all-time high despite the launch of the AO token and 33.3% of the token’s allocation to AR holders.
Important update! We are migrating the https://t.co/ljKQFJOEll Network and protocol to @aothecomputer
— ar.io network (@ar_io_network) June 12, 2024
A few weeks ago, we announced our migration to AO. Over the next two weeks, we will be executing the migration & users should expect disruptions. https://t.co/ttMhAyPTO4
NEAR is hit by a 40% correction from its all-time high. The protocol announced the launch of Near.ai, its new AI incubator.
Catch it all in full:
— NEAR Protocol (@NEARProtocol) June 23, 2024
Spotify - https://t.co/4yDaxkUXA1
Apple - https://t.co/8pKOg5vjXd
Youtube - https://t.co/i6HOA6MLaS
Jito (JTO) erased nearly 60% of its value since its all-time high while holders await the launch of Stakenet and JIP-3, considered bullish developments for the ecosystem.
the transition to stakenet will be a process - this is a novel protocol and there will likely be bumps along the way.
— buffalu (@buffalu__) May 29, 2024
the protocol needs your help to finish the job.
you can check out the proposal, code, and parameters in this JIP: https://t.co/XKj9NAPUuz
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
