Crypto cycle has been dominated by AI tokens and meme coins, while Layer 1 tokens like XTZ,
, KLAY, ALGO, EOS pile losses. The assets wiped out over 75% of their value in the ongoing crypto cycle, with less hope for recovery. The recent developments have failed to catalyze a recovery in the prices of the Layer 1 tokens. The cryptocurrency market is cyclical in nature and several Layer 1 tokens have noted a decline in their prices, as new narratives like Artificial Intelligence and meme coins dominate in 2024.
, Klaytn , Algorand , and EOS.IO . Each of these Layer 1 tokens have suffered over 75% decline in their price in the ongoing crypto cycle. Analyst behind the X handle @DeFiIgnas notes the drawdowns in the assets’ prices and asks whether these are “dead coins.” 1/3 L1s with no recovery this cycle: • XTZ: -75% •
: -82% • KLAY: -84% • ALGO: -85% • EOS: -87% Abysmal performance. Dead coins? pic.twitter.com/JyPs5aarOb — Ignas | DeFi June 29, 2024 The Layer 1 projects announced pivots in their strategy, new implementations and development plans, however it failed to catalyze gains. ’s pivot to a Layer 2 chain or scaling solution did not positively impact the asset’s price. The EOS Foundation is embroiled in a legal battle with Block,one, a firm that raised EOS funds and allegedly misused it. Algorand recently launched LiquidAuth and strengthened its commitment to web3 with a series of partnerships in India, with T-Hub, Nasscom and TiE. However the developments faded the asset’s recovery, the token extended its decline. USD Tether recently pulled support for ALGO and EOS.
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