Why only blame Terra! These crypto tokens have tumbled more than 90% from their peaks!

economictimes.indiatimes.com:

It is not only Terra that wiped off $40 billion from investors kitty, as its native token Luna plunged to some fractional cents after from $118 a few weeks ago. Other altcoins have also plunged upto 90-95 per cent from their peaks.

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Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

It includes Elon Musk backed Dogecoin, the largest memetoken, which plunged to $0.055 levels on Monday from its peak of $0.6848, scaled in May 2021. Its arch rival and fellow memetoken Shiba Inu has also dwindled to $0.000007673 from $0.00008. Both the tokens have to rise more than 1,000 per cent to scale their previous glory. Vikram Subburaj, CEO, Giottus Crypto Platform said that a number of tokens have plunged about 90 per cent from their peaks and the carnage in the crypto markets dragged the total market capitalisation below the $1 trillion mark. These are truly testing times for crypto investors as global concerns over inflation, increasing interest rates and a strengthening dollar have impacted the altcoin market," he said. Not only them, other major altcoins have lost over 90 per cent of their value from their respective peaks. Solana, Polkadot, Avalanche, Axie Infinity and Polygon are some of the key inclusions in this wealth eroders’ list. Analysts point out the rate hikes, rising inflation, recession fear, Terra-Luna fiasco, Russia-Ukraine war crisis as the key reasons which dented the crypto market sentiments. Crypto, a highly risky asset, is proactively sold by institutions in volatile times. Decoding the reason for this mayhem, Edul Patel Co-Founder and CEO, Mudrex said that the crypto market has