A leading blockchain analytics firm says that a huge percentage of Cardano (ADA) and Polygon (MATIC) holders are underwater.
According to IntoTheBlock, 94% of the holders of Ethereum (ETH) competitor Cardano are sitting on losses, just 5% are profitable and 1% are breaking even.
Cardano is trading for $0.25 at time of writing, down 91.73% from its all-time high of $3.09 which it hit on September 2nd, 2021.
According to the analytics firm, 95% of the holders of the Ethereum scaling solution Polygon are at a loss, 4% are profitable and 1% are breaking even.
Polygon is worth $0.54 at time of writing, down 81.48% from its all-time high of $2.92 recorded on December 27th, 2021.
Nearly all the holders of ETH rival Avalanche (AVAX) are at loss, according to IntotheBlock.
Some 99% of AVAX holders are underwater and 1% are breaking even.
Avalanche is trading for $9.92 at time of writing, down 93.16% from its all-time high of $144.96 printed on November 21st, 2021.
Other crypto projects that have a huge number of their investors seeing red include the layer-2 scaling solution Arbitrum (ARB), blockchain-based game Axie Infinity (AXS), fan-focused crypto project Chiliz (CHZ), native token of the Bored Ape Yacht Club ApeCoin (APE), decentralized virtual world The Sandbox (SAND) and proof-of-stake protocol Algorand (ALGO).
According to IntoTheBlock, 100% of the holders of Arbitrum, Axie Infinity, ApeCoin and Algorand are all underwater.
Arbitrum is trading for $0.88 at the of writing, down 89.80% from its all-time high of $8.67 registered on March 23rd, 2023.
Axie Infinity is worth $4.49 at time of writing, down 97.27% from its all-time high of $164.90 which it hit on November 6th, 2021.
ApeCoin is trading for $1.39 at time of writing, down 94.79% from its all-time high of $26.70 reached on April 28th, 2022.
Algorand is worth $0.0917 at time of writing, down 97.42% from its all-time high of $3.56 recorded on June 20th, 2019.
According to the analytics firm, 95% of Chiliz holders are sitting on losses while 3% are profitable and 2% are at even money.
Chiliz is trading for $0.0599 at time of writing, down 93.19% from its all-time high of $0.878 printed on March 13th, 2021.
Meanwhile, IntoTheBlock reveals that 98% of The Sandbox holders are in the red while 2% are sitting on profits.
At time of writing, The Sandbox is worth $0.30, down 96.37% from its all-time high of $8.40 which it hit on November 25th, 2021.
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