5 Worst Performing Cryptos Throughout 2024

The crypto market is a sector that has experienced various interesting dynamics throughout 2024. Although there are many assets that have recorded significant increases, there are also quite a few that have experienced drastic declines.

This decline can be caused by various factors, ranging from ineffective token distribution strategies, market manipulation, to external events that affect investor confidence

Here we will invite you to discuss five crypto assets that have plummeted throughout 2024 based on significant declines in value.

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5 Worst Performing Cryptos of 2024

Quoting Information from Coinvestasi Media: The Worst Performing Cryptos of 2024, according to information from Coinvestasi media, throughout 2024, several cryptocurrencies experienced a decline in performance and were considered among the worst.

Below are some of the worst-performing cryptocurrencies of 2024, which can serve as considerations when buying crypto for long-term or short-term investments.

1. Aevo (AEVO)

Aevo is a decentralized crypto derivatives trading protocol. This platform enables perpetual and options trading with an experience similar to centralized exchanges.

With a concept that attracted professional traders, AEVO was once considered a promising asset in today’s crypto news.

Performance in 2024

Aevo was launched on March 6, 2024, with an initial price of $2.8. However, throughout the year, this asset experienced a drastic decline, reaching $0.3557 by the end of 2024. This marked an 88.2% drop from its initial value.

Reasons for the Decline

One of the main reasons for this crypto’s decline was the release of 827 million tokens on May 15, 2024, which increased the circulating supply by 753%. This massive supply increase created significant selling pressure in the market, causing the token price to plummet.

2. StarkNet (STRK)

StarkNet is a decentralized layer-2 scaling solution for the Ethereum blockchain, utilizing ZK-Rollup technology.

With promising technology, StarkNet was initially anticipated to have a significant impact on the crypto industry, which remains a highly volatile investment instrument.

Performance in 2024

The STRK token was first traded on February 20, 2024, at a price of $2.7. However, by the end of the year, the token had dropped by 85.23%, leaving it valued at only $0.4615.

Reasons for the Decline

The token launch schedule, which failed to meet market expectations, was one of the main reasons for STRK’s price drop.

Additionally, the token distribution, which was seen as favoring the team and early investors, led the community to question the transparency of this project in today’s crypto news.

3. Wormhole (W)

Wormhole is a bridging protocol that facilitates asset transfers between blockchains. The W token was launched on April 3, 2024, on the Solana-based decentralized exchange OpenBook.

Performance in 2024

The initial price of the W token was $1.3912. However, over the year, the token continued to decline, reaching $0.2807, marking a 79.14% drop.

Reasons for the Decline

Negative events related to the Wormhole airdrop were among the biggest factors in the token’s price decline.

Several crypto scammers exploited the airdrop to carry out fraud schemes, causing the token to crash and lose market interest.

4. Safe (SAFE)

Safe is a token that was initially locked for two years by the project’s DAO. The token was finally unlocked on April 23, 2024, which played a crucial role in its price movement.

Performance in 2024

The initial price of SAFE was $3.17. However, the token quickly fell to $0.9744 by the end of the year, marking a 70.12% drop.

Reasons for the Decline

The unlocking of tokens caused high selling pressure in the market. Within a week after the tokens were unlocked, SAFE’s price had already dropped by 42%.

Investors who had previously been unable to sell their assets rushed to liquidate large amounts, further depressing the price in today’s crypto market.

5. Bitcoin Ordinals (ORDI)

Bitcoin Ordinals is a token associated with the Bitcoin ecosystem. Initially, this token attracted investors’ attention due to the innovation it brought to the Bitcoin-based NFT space.

Performance in 2024

ORDI was first traded on January 2, 2024, at a price of $78. However, by the end of the year, the token was valued at only $26.27, marking a 67.10% decline.

Reasons for the Decline

Bitcoin’s price dropping below $40,000 contributed to ORDI’s downfall. Moreover, despite a brief price increase following the release of Bioniq Ordinals on March 5, 2024, the token declined again due to a lack of demand and market interest in the project.

These factors highlight how cryptocurrency remains a highly volatile investment, requiring deep analysis before investing.

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Invest Wisely and Consider Your Assets Before Buying

From the five cryptocurrencies that rose in 2024 and the ones that declined, it can be concluded that price drops in crypto can be caused by various factors, such as ineffective token distribution strategies, uncontrolled airdrops, and external factors like the overall decline in Bitcoin’s price.

Crypto investors need to understand that volatility in the crypto world is extremely high, making thorough research a crucial step before investing.

For investors, understanding the factors affecting a crypto asset’s performance can help in making better investment decisions.

Additionally, it is important to constantly monitor today’s crypto news and the policies of the crypto projects being invested in, to avoid getting caught up in high-risk assets.

Understanding what crypto is and how market movements can change at any time is a question that should always be considered before making investment decisions.

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