Top 3 coins that were dumped by investors this week

Binance
Top 3 coins that were dumped by investors this week
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This week, the crypto markets saw one of the worst crashes of 2022. The market has recovered slightly from these lows, with Bitcoin back in the $30,000s over the past few days. But why is this crash so devastating? Here are some reasons:

The crash comes after months of negative sentiment in the cryptocurrency.

Currently, the world economic and geopolitical conditions are not friendly to investors.

Cryptocurrencies should generally correct after a stellar 2021.

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Still, there are some coins in the market that crash more than others. While Terra (LUNA) led the way down, the following 3 coins were also hit hard.

Avalanche (AVAX)

Avalanche (AVAX) saw some nice upside gains earlier and even threatened to take a spot among the 10 most valuable crypto assets. But this week’s crash took a huge toll on altcoins.

Data source: Tradingview

AVAX has lost more than 45% of its value compared to 7 days ago. Also, even with a general market recovery, AVAX is still slower than most major tokens. Investors no longer seem to be buying it in good faith as they used to.

PancakeSwap (cake)

PancakeSwap (CAKE) was also another coin that fell sharply during this week’s crash. However, it is worth noting that CAKE had actually risen sharply before the crash. The 45% drop we saw was largely part of a correction that most investors had already expected. Either way, it’s still a huge drop.

Thor Chain (Rune)

ThorChain (RUNE) has yet to fully recover from this week’s crash. Despite the overall recovery in the market, the coin actually continued to report losses. RUNE has lost nearly 50% of its value in the past 7 days. Whether it will bounce back anytime soon remains to be seen. But right now, buyer demand for RUNE appears to be very low.



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