While the crypto economy has shed more than 3% in fiat value during the last 24 hours dropping to $2.09 trillion, the top rebase tokens by market capitalization have seen significant losses this week. At the time of writing, the rebase token economy is valued at over $3.2 billion but has lost more than 10% in value during the last 24 hours. The largest rebase token economies such as Wonderland, Olympus, and Redacted Cartel have shed between 36% to 55% over the last week.
Top 3 Rebase Token Protocols Lost Billions in Value Over Last Week, Wonderland Down 87% Since High
On the first day of November 2021, Bitcoin.com News took a deep dive into the Olympus DAO and reserve-backed asset called OHM. Olympus is a decentralized finance (defi) project which is described as a rebase token and since the launch of Olympus, a myriad of Olympus forks have been born.
Essentially, rebase token protocols adjust the token supply in a periodic fashion or when the price fluctuates. Olympus was once the largest rebase token project, but the project Wonderland is now the largest market cap with $1.1 billion. The market valuation of all the OHM in circulation today is $945 million.
Last week was not a good time for rebase token investors, and talks about losses and liquidations may be seen littered all over social media. Additionally, on January 17, 2022, reports show that Wonderland’s TIME token was trade below the cash limit. An user complaints he lost over 2,000 TIME or about $9.5 million in a liquidation.
“This is what happens when people fall for the ‘it cannot fall below backing’ metanarrative,” one user responded to the person who lost 2,000 TIME. “I lost 38 wmemo (roughly $2.5M) well below the backing price. Feel your pain brother,” another Wonderland trader replied.
Over the past two weeks, Wonderland (TIME) has lost 57.9% and the crypto asset is down 87.1% from the asset’s all-time high on November 07, 2021. Plus, Project Native Asset’s Other Wonderland Memories (WMEMO) is down 25.6. % in the last seven days.
According to Wonderland developers, the team did leverage a token buyback. The Wonderland CFO 0xsifu insisted:
Several million were again used to buy below our support price, bringing the price back to our intrinsic value. As a reminder: unlike most others: Wonderland buys at the support price.
Olympus Down 92% Since ATH, Ampleforth Jumps 63%
Wonderland lost 36.2% this past week, olympus (OHM) dropped by 43.2%, and redacted cartel (BTRFLY) lost 55.3% in USD value.
OHM is down more than 92% since the crypto asset’s all-time high nine months ago on April 25, 2021, at $1,415 per OHM. Although the top three rebase tokens lost considerable value, the ampleforth rebase coin (AMPL) gained 63.5% in value over the past seven days. Klima dao (KLIMA), however, lost 30.8%, hector dao (HEC) lost 42.9% and the rome rebase token (ROME) was down 54.4% this week.
While the rebase token ampleforth did well this week, the rebase coins spartacus (SPA) and templedao (TEMPLE) saw double-digit gains between 11% to 25%. The rebase coins gravitoken (GRV), 8ight finance (EIGHT), and greenmoon (GRM) managed to stave off losses this past week as well. This weeks biggest rebase token losers include invictus (IN), redacted cartel (BTRFLY), rome (ROME), vesq (VSQ), and papa dao (PAPA).
