Cryptocurrency markets are undergoing another correction since the bull market began in late 2020. As bitcoin continues to fall, it’s dragging the rest of the market down with it. BTC has dropped 14% since hitting an all-time high of $61,359 last week.
DeFi related tokens are getting hit especially hard. It seems as though profits are starting to be taken after many hit recent all-time highs of their own.
The bloodbath has been observed by Messari which noted the double-digit dumps as “taking a breather.”
DeFi Dump Deepens
Messari’s DeFi token screener is a sea of red today with most of the major tokens dropping double digits. Uniswap’s UNI, which is the highest ranked DeFi asset in terms of market capitalization, has lost 12.6% in a fall to $26.80.
The dump accelerated despite the long awaited released of version 3 specs and launch date for the world’s most popular DEX. The lack of immediate Layer 2 scaling and gas savings for the May 5 launch has clearly irked investors who are dropping the UNI tokens like hot rocks today. Since its all-time high of $35 on March 20, UNI has corrected 23.4% in just five days.
AAVE is also in a world of pain today dropping 8.3% to hover around $300. Over the past seven days the flash loan protocol governance token has dumped 20%, and since its Feb 10. ATH of $580 it has lost a painful 48%
MakerDAO’s MKR has dropped 10% on the day in a fall back to $1,860 while Synthetix’s SNX is down 8% on the day to $15.80.
The SUSHI token, which has been on fire recently, is also cooling off from recent heights. It’s slumped 14% in 24 hours to $14.35. The Yearn Finance YFI token, meanwhile, has lost 11% in a fall back to $30k.
The biggest losers in DeFi at the time of press are ADEL, FARM, BZRX, ALPHA, and MLN. All have dropped over 15% on the day.
Surviving the Crypto Crush
There are only a handful of DeFi tokens surviving the crypto crush at the time of writing. OPIUM staking has just been launched on Binance Smart Chain propelling token prices in the other direction by 24%.
BagderDAO’s token is also up almost 7% on the day. Other DeFi honorable mentions at the moment include VSP, BOND, FNS, LABS, and YETI.