TL;DR
Despite the promising start of the year and the Bitcoin (BTC) halving which took place last month, the cryptocurrency market has been going through a severe correction lately. The price of the primary cryptocurrency is down 10% over a week, crashing below the $60K mark. Other leading digital assets, such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and many more, are also well in the red.
The market intelligence platform IntoTheBlock outlined the ten cryptocurrency projects with most HODLers currently sitting on paper losses.
Algorand (ALGO) investors topped the ranking with 91% of investors being underwater. The Sandbox (SAND) and Arbitrum (ARB) follow next, with over 80% of holders in the red as of the moment.
Cardano (ADA) and Uniswap (UNI) investors are also part of the unprestigious club, with respective losses of 60% and 52%.
Contrary to the grim statistic, IntoTheBlock suggested that these assets can offer “great opportunities as long as they show strong fundamentals and signs of on-chain activity and growth.”
It is interesting to note that the aforementioned list does not include any meme coins. A thorough look on IntoTheBlock shows that only 18% of Dogecoin (DOGE) holders are currently sitting on paper losses. Shiba Inu (SHIB) investors are a bit more affected, with almost 40% being underwater as of the moment. The majority of those who have invested in Pepe (PEPE) and Floki Inu (FLOKI) are also in the green.
The situation in the meme coin cohort looks more optimistic due to the substantial price increases many of the assets experienced in the months prior to the reigning correction.
Recall that the picture was not so positive in September last year when almost 90% of SHIB holders were sitting at paper losses, while the share of DOGE investors in the green was 42%.
