Dying altcoins: Fallen giants!
$ARB
An all-time high of $2.39, now around $0.19—a 92% drop. It has more than doubled from its August low, yet the price is still stuck at the very bottom of its range. Every month, 92.6 million ARB tokens unlock right on schedule, diluting any gains all year long. The DAO earned $6.19 million in the first half of the year, but it all went into the treasury—token holders got nothing. The price doubled, but the valuation didn’t budge—because the books have never followed the charts.
$OP
An all-time high of $4.84, now around $0.13—a 97% drop. The day Base broke away from the OP Stack, OP plunged 23% in a single day. The Superchain narrative was undermined by its own protégé. One whale spent $3.85 million over two weeks to buy 3 million OP at an average price of $1.285—and is now sitting on a paper loss of nearly 90%. The whale betting on an L2 recovery has become OP’s most expensive cautionary backdrop.
$XLM
An all-time high of $0.938, now around $0.18—an 81% drop. Q3 network data was solid: RWA reached $410 million, more than five times the year-ago figure; stablecoin transaction volume rose 121%; and its developer count ranked second worldwide, behind only Ethereum. But the price barely moved, and trading volume actually shrank to 70% of normal after the good news came out. On-chain activity is accelerating while the price lies flat—as strong as the fundamentals may be, they can’t wake a market pretending to sleep.
ARB doubled, but the unlocks haven’t stopped. Base cut OP’s narrative short, while XLM’s record-breaking data has been met with indifference. Three familiar old faces from the Ethereum ecosystem, each with a different hand to play, yet all heading for the same outcome: all the good news is in the announcements, all the prices are on the floor, and the market can’t even be bothered to look.
Old projects will eventually be replaced by new ones. Bearish on what’s ahead 👇
$ARB
An all-time high of $2.39, now around $0.19—a 92% drop. It has more than doubled from its August low, yet the price is still stuck at the very bottom of its range. Every month, 92.6 million ARB tokens unlock right on schedule, diluting any gains all year long. The DAO earned $6.19 million in the first half of the year, but it all went into the treasury—token holders got nothing. The price doubled, but the valuation didn’t budge—because the books have never followed the charts.
$OP
An all-time high of $4.84, now around $0.13—a 97% drop. The day Base broke away from the OP Stack, OP plunged 23% in a single day. The Superchain narrative was undermined by its own protégé. One whale spent $3.85 million over two weeks to buy 3 million OP at an average price of $1.285—and is now sitting on a paper loss of nearly 90%. The whale betting on an L2 recovery has become OP’s most expensive cautionary backdrop.
$XLM
An all-time high of $0.938, now around $0.18—an 81% drop. Q3 network data was solid: RWA reached $410 million, more than five times the year-ago figure; stablecoin transaction volume rose 121%; and its developer count ranked second worldwide, behind only Ethereum. But the price barely moved, and trading volume actually shrank to 70% of normal after the good news came out. On-chain activity is accelerating while the price lies flat—as strong as the fundamentals may be, they can’t wake a market pretending to sleep.
ARB doubled, but the unlocks haven’t stopped. Base cut OP’s narrative short, while XLM’s record-breaking data has been met with indifference. Three familiar old faces from the Ethereum ecosystem, each with a different hand to play, yet all heading for the same outcome: all the good news is in the announcements, all the prices are on the floor, and the market can’t even be bothered to look.
Old projects will eventually be replaced by new ones. Bearish on what’s ahead 👇
