The year 2024 has been a good year for cryptocurrency holders, with many assets seeing significant increases. However, for every asset that rises, there are others that fall, whether due to poor developer decisions, waning hype, or other factors.
Here are the 5 cryptocurrencies with the worst performance of 2024.
1. Aevo
The worst-performing cryptocurrency of 2024 is Aevo (AEVO), a decentralized derivative trading protocol offering perpetual contracts and options with an experience similar to centralized exchanges.
Aevo has dropped by 88.2% since its launch on March 6, 2024, when it was priced at US$2.8 (about IDR 44,000). As of the time of writing, its price has fallen to US$0.3557 (around IDR 5,000).
This drastic decline is partly due to the release of 827 million tokens on May 15, which increased the circulating supply by 753%.
2. StarkNet
The second worst-performing cryptocurrency of 2024 is StarkNet (STRK), a decentralized layer-2 scaling solution for the Ethereum blockchain. StarkNet uses ZK-Rollup technology.
StarkNet has fallen by 85.23% since its launch on February 20, 2024, at a price of US$2.7 (about IDR 42,000). As of now, its price stands at US$0.4615 (about IDR 7,000).
The decline began on day one, with a 50% drop in its first trading day. According to CoinDesk, the decline was due to criticism regarding the schedule of the team and investors behind StarkNet.
The initial “token generation” event for StarkNet took place in November 2022, with the token release happening in 2024, a step considered suspicious and unusual by crypto observers.
3. Wormhole
Next up is Wormhole (W), which has seen a drop of 79.14%, from US$1.3912 (around IDR 22,000) to US$0.2807 (around IDR 4,000) at the time of writing.
Launched on April 3, 2024, this bridging protocol debuted on OpenBook, a decentralized exchange powered by the Solana network. Several reasons behind Wormhole’s decline include airdrop events in April that were targeted by crypto scammers, with even the founder falling victim to malicious links post-airdrop.
Additionally, there were instances of token impersonation, with a token called “wormhole” being released shortly after the Wormhole airdrop.
4. Safe
In fourth place is the Safe (SAFE) token, which has suffered a drop of 70.12%, from US$3.17 (about IDR 51,000) to US$0.9744 (about IDR 15,000) at the time of writing.
The SAFE token was locked for two years by the DAO of the project, and it was unlocked on April 23, allowing users to transfer their SAFE tokens. This unlocking quickly led to a 42% decrease in just one week.
5. Bitcoin Ordinals
Finally, in fifth place is Bitcoin Ordinals (ORDI), which has seen a decline of 67.10% from its price of US$78 (around IDR 1.2 million) on January 2, 2024, to US$26.27 (around IDR 424,000) at the time of writing.
At the beginning of the year, ORDI experienced a drop when Bitcoin fell below US$40,000 (around IDR 645 million), although it later increased due to the release of Bioniq Ordinals on March 5. However, it has since resumed its downward trend.
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