The cryptocurrency market is currently on fire. The main problem is the alarming rate at which cryptocurrencies are losing value. The three main factors affecting cryptocurrency values are:
- Increasing interest rates
- Decreased investor motivation to invest in cryptocurrency
- The inflation rate affects all countries and markets in the world
These problems have led to problems for many cryptocurrency tokens, and many are in the blink of bankruptcy. A good example is Terra Luna. This is the list of struggling cryptocurrencies:
The Sandbox
The first on the list is The Sandbox. This has been one of the oldest altcoins in the market since 2011. Every cryptocurrency token is developed to serve a specific role to investors and adopters. The Sandbox was developed to be a blockchain-based virtual world. This is similar to the Metaverse and other Meta projects currently making headlines. The project was ahead of its time. This is one of the reasons it is losing almost all its value.
The project allows users to develop, sell, buy, and own digital assets. The main tools they use include Decentralised Autonomous Organisations, commonly referred to as DAOs, and Non-Fungible Tokens(NFTs). According to reports and records, The Sandbox has lost 23% of its value in the last month. This is a huge blow to the coin and its chances for survival. This becomes more elaborate when considering that the coin currently trades at $2.7-2.8. Compare this to the fact that the same coin was trading at $8.44 in November 2021.
Helium
Helium is among the new generation of cryptocurrencies recently introduced into the market. The coin launched in 2019, and its purpose was to offer services the same as the internet. It was a way of decentralising the internet and allowing wireless devices to communicate with each other. The devices could send data across their nodes, making it among the many coins trying to decentralise the internet.
Sadly, the coin is losing its value at a rate that does not show a positive future for the coin. Many specialists projected many coins would completely lose their value, and Helium might be among them. Records state that the coin has lost 13.55% of its value in the last week. This shows that the coin loses an average of 2% per day.
THORChain
Another very useful coin that is currently in trouble is THORChain. The coin was developed to be a decentralised liquidity protocol and help people to have a decentralised platform they could buy and sell cryptocurrency assets. The coin had the potential to replace and decentralise the many exchange platforms that exist.
The best thing about it is that the users could have a portion of the exchange platform as one of their assets and make money from the services they get. The coin is also struggling like the rest mentioned above. In the last week, the coin lost 14.30%, which is a big blow to its value. Like Helium, the coin is losing slightly over 2% daily. If this trend continues, THORCHain will be the next coin to go under.
