Axie Infinity, The Sandbox Fell As Much as Solana, FTT

Axie Infinity, The Sandbox Fell As Much as Solana, FTT

Crypto enthusiasts entered 2022 starry-eyed after Bitcoin’s incredible 700% jump in 2021. However, it slowly began to decline as the year progressed, with June seeing one of its steepest declines. Unsurprisingly, other cryptocurrencies like Solana and FTT followed suit, just like they did during Bitcoin’s bullish run.

Despite having a very bad year, Bitcoin’s YTD decline is still preferable to Solana and FTT’s. Solana (SOL)  was undeniably one of the favorite coins of 2021 after having an incredible run of over 17,500%, moving from $1.5 to over $258 in under ten months. The coin would go on to become the fourth largest cryptocurrency in terms of market cap shortly after.

Sadly, the bullish run of the Ethereum killer, as it’s often called, didn’t last any further. A recent tweet from WhaleChart depict’s the coin’s -93.5% decline as one of the worst in 2022. But other cryptocurrencies like LUNA and FTT have seen worse fates.

Terra’s token, LUNA, is reportedly suffering a devastating -99.99% YTD fall. Around this time last year, the token had hit its ATH of $103.3. While many have given up hope on the possibility of this token’s value rising anytime soon, the cryptocurrency’s faithful are still rallying for a miraculous run come 2023.

Following closely with a YTD decline of -98% is FTX’s token, FTT. The cryptocurrency, already plagued with a bad year, suffered an incredible crash after its native platform, FTX, folded. However, the coin’s decline is the least of the worries of people who had shares in the platform as Sam Bankman-Fried, its founder accused of embezzling their funds, still walks a free man.

However, perhaps the two tokens worthy of the most sympathy on WhaleChart’s gloomy list are Axie Infinity (AXS) and the Sandbox (SAND). These two tokens heralded what could be the metaverse’s most influential rallies. 

Axie Infinity Shards or AXS, a cryptocurrency token, also serves as the in-game currency of the game Axie Infinity which got increasingly popular with the advent of NFTs. And because It also brought hope for the advancement of the metaverse, its -93% YTD crash is painful for its users.

The Sandbox, a fellow blockchain game, has its native token suffering the same fate. With a 92.5% YTD decline, it’s the worst run the cryptocurrency has experienced so far. 

Despite having a bearish run like no other this year, the cryptocurrency market may just recover come 2023.

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