In 2024, several cryptocurrencies experienced significant declines, marking them among the worst performers of the year. Notably:
Arbitrum (ARB): This Ethereum layer-2 solution saw its price drop by approximately 64.72% year-to-date, trading around $0.5489. Since its all-time high of $9.86 in March 2023, ARB has lost about 94.4% of its value.
Polygon (MATIC): MATIC's value declined by about 64% in 2024, trading near $0.3494. On-chain data indicates that nearly 98% of MATIC holders are at a net loss, reflecting waning investor interest.
MultiversX (EGLD): Formerly known as Elrond, EGLD's price fell by approximately 64.56% over the year, trading around $25.20. The cryptocurrency also dropped out of the top 100 by market capitalization, signaling declining market interest.
Additionally, memecoins like Hawkcoin ($HAWK), launched by influencer Haliey Welch, experienced extreme volatility. $HAWK's market value plummeted from $490 million to $26.4 million shortly after its release, leading to accusations of insider trading and pump-and-dump schemes.
These cases highlight the volatility and risks associated with cryptocurrency investments, emphasizing the importance of thorough research and caution in the crypto market.