YEREVAN (CoinChapter.com) – On Feb. 24, the brewing tension between Russia and Ukraine culminated in a full-on invasion by land, air, and sea, igniting the worst military conflict in Eastern Europe since WW2. The devastating results trickled into the global economy, weakening risk-on assets, as it typically happens in times of geopolitical turmoil.
Bitcoin (BTC), due to its high correlation to the stock market, fell nearly 8% in the previous 24 hours, and most crypto coins followed suit. However, some tokens suffered more than others, shaving double-digits off their value. Here are 5 of the ‘biggest losers’ in the previous week.
#1 Theta Network (THETA)
The in-house token of video streaming platform Theta Network, THETA, registered a 20% price drop in the previous 24 hours. Moreover, the decline brought the overall weekly crypto drop to nearly 38%, a record among the top 50 cryptos. The token ranked #44, with a market cap of $2.3 billion, and traded at $2.3 in the European session on Feb. 24.
#2 Tezos (XTZ)
Ethereum crypto rival Tezos closely followed Theta Network. The former’s native token XTZ lost 16% of its market valuation in the previous 24 hours. Moreover, the weekly loss of 34% dropped the token’s market cap to $2.3 billion. Tezos ranked closely to Theta and took the #45 spot.
The XTZ/USD exchange rate plummeted to $2.65 in Thursday’s European session.
#3 Sandbox (SAND)
Metaverse gaming platform Sandbox (SAND) and its counterpart Decentraland (MANA) were also hit by the sell-off wave in the crypto market. The bearish market slashed SAND’s value by 17% in 24 hours, as the token lost 33% in a week.
As a result, the SAND/USD crypto exchange rate tumbled to $2.7 on Feb. 24, placing Sandbox on rank #38, with a market cap of $2.9 billion.
#4 Near Protocol (NEAR)
DApp building platform Near’s same-name token gave in to the sell-off as well, cutting its price by 18% on Thursday. Additionally, the token traded at $7.6, after a weekly loss of 32%. Near Protocol ranked #28 on Feb. 24, with a market cap of $4.9 billion.
#5 Shiba Inu (SHIB)
The canine-themed meme crypto Shiba Inu saw its SHIB token drop nearly 16% on Thursday. after its explosion in 2021, the token lost 77% of its value since November. Moreover, the latest sell-off wave-cut 17% from the SHIB price in 24 hours and nearly 31% throughout the previous week.
As of Thursday, Shiba Inu ranked #15 with a market cap of $11.8 billion, trading at $0.000021.