Crypto had a great time in 2024. The introduction of Bitcoin and Ethereum ETFs, combined with Donald Trump’s pro-crypto pledges, gave fresh life to many tokens. Some of soared beyond expectations, surging by more than 1,000% since the close of the previous year.
Not every project managed to ride that wave, though. Some tokens from last year’s top 50 ended up on the losing side, leaving holders disappointed and worried. In this article, we’ll examine the coins that suffered the biggest drops in value compared to last year.
Optimism (OP) – Down 53%
Optimism positions itself as a solution for faster, cheaper Ethereum transactions, and was initially fueled by significant excitement. Over time, attention drifted to other scaling platforms, and OP’s market momentum stalled. Competing networks with more effective governance models and stronger incentives seemed to take the spotlight. The drop of more than half its value signals that investors may have grown uneasy about OP’s future.
Despite this, Optimism still holds a place in the conversation, but its future hinges on whether it can chart a fresh path. For now, OP seems to be in a holding pattern, with many observers waiting to see if the team can reignite interest.
POL (ex-MATIC) – Down 53%
When Polygon switched its token from MATIC to POL, many assumed that 2024 would be a breakthrough year. The total value locked did climb, but growth trailed behind the wider market’s gains. Developers had hoped the close connection with Ethereum would draw users, especially since other tokens had flourished. Yet the data suggests traders are wary.
Once the rebrand excitement wore off, the network didn’t show a marked increase in adoption. We suspect the window for a POL comeback is narrowing, and bold measures might be required to restore the early hype.
Arbitrum (ARB) – Down 55%
Arbitrum initially drew the spotlight through its airdrop and promises to elevate Ethereum scaling to a new level. It rose rapidly at first, but the mood soured after a significant token unlock and slower-than-expected adoption. ARB’s chart took a hit, with each fresh low renewing skepticism among traders.
Although Arbitrum’s core functions remain pertinent, repeated postponements and limited user engagement often erode confidence in crypto. There’s still a chance to draw in more dApps and users, but a clear and inspiring plan is necessary. Without that, ARB risks fading into the background while competing solutions step forward.
Celestia (TIA) – Down 61.5%
Celestia arrived with impressive claims of a modular approach to blockchain, separating consensus from execution for better scalability. When TIA soared following its early-2024 launch, many hailed it as a novel vision for Web3 development. Yet the price soon sank by more than half, pushing Celestia out of the top 50. Some point to the early hype as having set unachievable targets.
The project’s architecture still shows promise, and it notched major developments this year, including securing significant funding and rolling out the “lemongrass” update – signs of ongoing confidence. Even so, none of this ensures lasting success. Given fierce competition in scalability and modular crypto, Celestia must continuously innovate to maintain relevance.
ORDI – Down 67%
ORDI aligns with the Bitcoin-based world of inscriptions, which enjoyed a moment of success in 2023. Daily trading volumes and fees rose sharply during that period, only to fall off in 2024. ORDI suffered the sharpest decline on our list, pointing to a lack of sustained demand.
While some see a chance for ORDI to recover if new tools emerge, it will need more than talk of future growth. Developers would need to solve issues of cost, accessibility, and real-world uses for Bitcoin inscriptions before the market takes a second look.
Will Those Tokens Recover?
If we look back at past market cycles, some coins that posted double-digit losses eventually rose again after new features or upgrades reignited public interest. Others stayed in the shadows, unable to shake the sense that they peaked too early. We believe the same fork in the road awaits these tokens. Should they secure influential partnerships or roll out genuinely valuable innovations, they may still reverse course.
These projects do offer promising technologies, unique value, and active development. Some of them take a modular cryptocurrency approach, which might be promising branch of crypto in the future. Consequently, despite current challenges, they could rebound over the long term – if they manage to surpass their rivals and reignite the hype.
