Every bullrun has new projects that have flashy headlines around it like ' $200 million invested by VC's ' and other eye grabbing ' fundamentals ' to lock in retailers that in the end sit with a nice heavy bag of air. Here's a few:
- FTX: FTT needs no introduction, it sits atop the pile and comes in as the most devastating one on the list. Fraud, rug pulls, manipulation it had it all. When it came out you couldn't escape the name, high profile youtubers and the news even spoke highly of it. It was gonna be one of the top crypto exchanges and then it all died. ATH: about $84 now worth $1.05
- Terra Luna: Coming in close behind is Do Kwon's Luna Token. The market got saturated as Luna Token got unleashed on the market with far more sellers than buyers and the price tumbled. At one point it was hailed a strong project with good fundamentals. Few people on this sub warned about it but that fell on deaf ears as they were laughed out of the room. Fast forward and it went from an ath of nearly $120 to currently trading at fractions of a penny at $0.00005.
- STEPN: Another fallen coin of the defi craze era, this was supposed to be able to pay you for physical activity kinda like counting steps on a fitbit but getting paid to do so. The project was the first of its kind and naturally attracted a lot of hype. Once the creators of the app decided to ban players from China it was a mass exodus. The hype died down quickly and it ultimately went from a high of $4 to about $0.15 currently.
- Harmony One: Harmony was supposed to be an exciting new layer 1 with plenty of dapps and other cool features and games that were going to become part of the ecosystem. The project got badly hacked and drained of millions of dollars. In the end the features that were going to be added faded into the distance and people lost interest overall, sending Harmony from a high of $0.30 to fractions of a penny as well and crashing out of the top 100, currently trading at $0.009
- Numeraire: This one was quite popular during the bullrun of 2021 as it was AI based before the AI hype that we've seen recently. It was supposed to be an investment into AI technology that predicts how well certain stocks will do. It was quite gimmicky but they used lots of fancy language and of course as the hype died down it met the same fate, from a high of $93 to currently trading at $12.55 and barely clinging to the top 300 and continuously falling.
Any other interesting examples that you'd like to share with us, feel free.
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