Rebase Token Carnage: OHM, TIME, KLIMA Down More Than 98% From All-Time Highs


About four months ago, four of the top rebase tokens by market valuation were worth close to $8 billion in USD value and today, the entire lot of rebase tokens collectively are valued at $1.14 billion. The largest rebase crypto by market capitalization, olympus (OHM), had a $4.3 billion market valuation last November, but after shedding 98.1% in USD value, OHM’s market capitalization is now $438 million.

Over $7 billion left the rebase token economy in the past four months

During the first week of November, News reported on the olympus (OHM) rebase token and how the algorithmic reserve-backed crypto asset works. Three weeks later, OHM’s aggregate market capitalization reached an all-time high (ATH) at $4.35 billion on November 23. OHM already had a record price months earlier in April, when it hit a high of $1,415 per coin on Nov. 25. . Since that day, Olympus (OHM) has lost 98.1% of its value against the US dollar.

OHM sparked a slew of Olympus forks and the Avalanche-based reserve currency protocol called wonderland (TIME) saw its market capitalization jump over $2 billion three days before OHM’s market cap ATH. While TIME’s market cap reached an ATH on November 21, the asset itself saw a price high on November 7, 2021, when it tapped $10,063 per unit five months ago. Since November 7, TIME has lost 98.8% in value against the U.S. dollar. The rebase token redacted cartel (BTRFLY) has dropped 93.6% in value and klima dao (KLIMA) is down 99.5%.

At one point, the aggregate market caps of OHM, TIME, BTRFLY, and KLIMA were around $7.885 billion and today the rebase tens and tens are worth $1.14 billion. More recently, a slew of rebase tokens have seen double-digit gains, in terms of two-week rankings. 14-day data shows rebase coins midasdao (CROWN), dollars (USDX), spartacus (SPA), euphoria (WAGMI) and templedao (TEMPLE) saw double-digit price increases against the US dollar .

While OHM is 98.1% lower than it was in November, there’s still around $5.3 million in global trading volume and $24.71 million total value locked (TVL) in terms of staking. Wonderland users are staking $638.76 million today, but TIME has only seen $630,447 in 24-hour global trade volume. TVL metrics, and the aggregate global trade volume for rebase tokens, in general, have also dropped considerably over the last four months.


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