A recent report from blockchain analytics firm IntoTheBlock reveals that a significant number of investors in Cardano (ADA) and Polygon (MATIC) are currently holding positions that are underwater. The data shows that 94% of Cardano holders are experiencing losses, with only 5% profitable and 1% breaking even. Similarly, 95% of Polygon investors find themselves in the red, while 4% are profitable and 1% are at breakeven.
Cardano, currently trading at $0.25, has experienced a massive decline of 91.73% from its all-time high of $3.09, which was reached on September 2nd, 2021. On the other hand, Polygon’s value has dropped by 81.48% from its all-time high of $2.92, recorded on December 27th, 2021. At present, Polygon is trading at $0.54.
According to IntoTheBlock, Avalanche (AVAX) is another Ethereum competitor with a large number of underwater investors. In fact, a staggering 99% of AVAX holders are currently incurring losses, with only 1% breaking even. Avalanche, currently trading at $9.92, has witnessed a sharp decline of 93.16% from its all-time high of $144.96, reached on November 21st, 2021.
In addition to these cryptocurrencies, several other projects are also struggling to bring profits to their investors. For instance, IntoTheBlock’s data shows that 100% of holders of layer-2 scaling solution Arbitrum (ARB), blockchain-based game Axie Infinity (AXS), fan-focused crypto project Chiliz (CHZ), native token of the Bored Ape Yacht Club ApeCoin (APE), decentralized virtual world The Sandbox (SAND), and proof-of-stake protocol Algorand (ALGO) are currently underwater.
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Arbitrum, currently trading at $0.88, has experienced a decline of 89.80% from its all-time high of $8.67, which was registered on March 23rd, 2023. Similarly, Axie Infinity’s value has dropped by 97.27% from its all-time high of $164.90, reached on November 6th, 2021. ApeCoin is trading at $1.39, down 94.79% from its all-time high of $26.70, achieved on April 28th, 2022. Lastly, Algorand’s current value stands at $0.0917, showcasing a 97.42% decrease from its all-time high of $3.56, recorded on June 20th, 2019.
Chiliz has seen 95% of its investors incurring losses, while 3% are profitable and 2% are at breakeven. Chiliz, currently trading at $0.0599, has witnessed a decline of 93.19% from its all-time high of $0.878, printed on March 13th, 2021. Similarly, The Sandbox has 98% of its investors in the red, with only 2% sitting on profits. The Sandbox is valued at $0.30, down 96.37% from its all-time high of $8.40, reached on November 25th, 2021.
The current state of these projects highlights the volatile nature of the cryptocurrency market. Despite the potential for substantial gains, investors must also be prepared for significant losses. It is crucial for individuals to conduct thorough research and due diligence before investing in cryptocurrencies or any high-risk assets.
In conclusion, the analytics firm IntoTheBlock’s data indicates that a significant portion of Cardano, Polygon, Avalanche, Arbitrum, Axie Infinity, Chiliz, ApeCoin, The Sandbox, and Algorand investors find themselves underwater. These cryptocurrencies have experienced substantial declines from their all-time highs, reflecting the volatile nature of the market. As with any investment, it is essential for individuals to assess the risks and potential rewards before investing in cryptocurrencies or any speculative asset class.
