2022 was a time of tremendous troubles for the crypto market. Many projects faced failure and many more were on the brink of extinction. This caused an overall destruction of the entire ecosystem. The result of these digital currency projects has not only caused billions of dollars to be wiped out of the crypto economy, but it has also led to a loss of faith. Here, we take a look at six major cryptocurrency project collapses that occurred during the crypto winter of 2022.
A Look At 5 Belongings That Fell From Prominence Amid The Crypto Market Downturn
History has a plethora of cases of collapse in the crypto market’s financial system. A great example is how eight of the top ten coins on June 5th 2013 are now forgotten. Although some of them still hold value, there are plenty of distant memories, such as freicoins (FRC), TRC, Terracoins (TRC), DVC, and Mincoins (MNC). During the crypto winter of 2022, many prominent crypto projects fell apart. Here is a summary of failed or active cryptocurrency initiatives that have seen their value decrease and their communities deteriorate.
Centigrade
On January 1. 2022: The crypto asset Celsius was trading at $4.26 per coin and had the 93rd highest market capitalization. CEL was an ERC20 token marketed by Celsius, a now-defunct cryptocurrency lender as “the backbone of the Celsius network.” However, on June 13, 2022, the cryptocurrency lender ceased all operations and blocked withdrawals. Thirty days later, Celsius filed for bankruptcy. Since June 13, CEL has been tremendously volatile. The ERC20 token is now priced at $0.48/unit, representing an 88.73% drop from its worth on the first day of 2022. The CEL supply is highly concentrated. More than 38% of the total supply is held in the defunct company’s wallets. 100 CEL wallets are responsible for 98.90%. Novawulf Digital Management has been appointed as the sponsor of the company’s restructuring plan.
Terra (LUNA)
421 days ago, on January 1, 2022, Terra (LUNA), the ninth-largest cryptocurrency in terms of market capitalization, was valued at $31.86 billion. LUNA
