In the November 6 sell-off, DePIN was the worst-performing sector, falling 7.31% in 24 hours. fell 14.32%, $FIL fell 8.47%, and $RENDER fell 5.72%—all harder than the broader market. BTC fell 5.66% to $76,000, while ETH dropped 7.71%, breaking below $2,300.
In a market-wide decline, one token bucked the trend: INJ rose 2.94%. Among the same group of Layer 1s, NEAR fell 8.23%, while INJ moved in the opposite direction. This divergence is more worth watching than the losses themselves.
DeFi wasn't spared either: ENA fell 10.58%, and the ssiDeFi index dropped 6.74%. The biggest losses often hit the hottest narratives; this round's decline in DePIN is giving back some of its previous gains.
What to watch: Is this DePIN pullback following the broader market, or is the narrative weakening first? See whether it can find a bottom before BTC.