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A fallen angel refers to a financial asset that was once red hot but one that has fallen out of favour with investors. A closer look at the cryptocurrency industry shows a number of fallen angels. These were some of the most popular cryptocurrencies recently but have recently fallen down the rankings.
Zilliqa (ZIL/USD) is one of the leading fallen angels in cryptocurrencies. It is a pioneer blockchain platform that was once among the top 20 of the biggest coins in the world. As a pioneer, Zilliqa was among the first platforms to introduce the concept of sharding.
This is a process n which blocks are divided into segments known as shards. This results in faster processing speeds. The process has also inspired some of the leading blockchain projects today like Elrond and Near Protocol.
Zilliqa has seen its ranking among cryptocurrencies fall. According to CoinGecko, it is now the 132 biggest coin in the world with a market capitalization of just $765 million. The Zilliqa price has fallen by more than 77% from its highest level this year.
Synthetix Network (SNX/USD) is another fallen angel in cryptocurrencies. The SNX price has crashed by 83% from its all-time high. This has brought its total market capitalization to about $998 million and its ranking to 108.
Synthetix is a derivatives liquidity platform that is used by a number of decentralized finance (Defi) platforms. It is known for products known as synths, which are derivatives of popular assets like stocks, currencies, and commodities.
The Synthetix price has crashed because of the overall lack of demand for the platform. A closer look at the platform shows that its total value locked (TVL) is currently at $377 million. At its peak, it had a TVL of more than $1.5 billion.
EOS (EOS/USD) has one of the most colourful histories in the industry. It was developed by Block. one, a company that had the biggest Initial Coin Offerings (ICO) in history. As a result, EOS was once one of the top 20 biggest cryptocurrencies. Today, according to CoinGecko, it is the 53rd biggest coin. This means that it can be classified as a fallen angel. The EOS price has declined by more than 50% from its year-to-date high. This performance is mostly because many developers have ignored it and opted for other platforms like Solana, Polkadot, and Avalanche. Indeed, in a recent statement, the CEO of the EOS Foundation said that the project had become a failure because of Block. One.