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Checking in on the how the Top 5 Winners and Losers of 2022 are Fairing so far in 2023

By Cje95 | Chronic Illness and Crypto | 14 Apr 2023


At the end of 2022 popular crypto news source, CoinTelegraph released a list with the top 5 winners of 2022 and the top 5 losers of 2022. Given how the market appears to turn a corner I stumbled across this article I had saved I decided to look into how these different coins and tokens were fairing. 

 

The Winners

I had to admit when I first read through the list I did not recognize most of the tokens listed. The couple that I did were tokens that I remember from a while ago nothing that had really been a hot or anticipated token. Starting right off the bat taking the top spot was a token I had no idea what it even was at first but upon researching these realized that each one has an important niche or function it addresses explaining the success.

 

1)     Without further adieu the top spot was taken by GMX the top spot on my while I remembered some of these I did not remember them all. In the top spot, there was GMX which serves as the governance token of a decentralized exchange by the same name. With all of the turbulence that the crypto space faced last year, DEXs were a common thing that people flocked to, and GMX as an exchange benefitted immensely from it. Thus far in 2023, GMX has continued its claim as it was right around $40 a token on January 1st and is now doubled in price to around $80 a token! Impressive by far to see this continual growth! 

 

2)           In the number 2 spot was a token that was one of two that I knew about from the winner's list. It was Trust Wallet's utility and governance token (TWT) that really ended 2022 with a bang. From November through the first couple of weeks in December the token exploded in value hitting $2.66 when it had been at $1 just a couple of months earlier. Since hitting that high the token fell to $1.42 by the end of the year. Since that time it has mostly just moved sideways trending in the $1.20 to $1.30 range meaning it has lost value so far this year and is actually down by roughly 15% so far. 

 

3)   While I had seen people previously post about this crypto and talk about it on various platforms I never really followed it. LEO Token is a utility token designed for the Bitfinex exchange and other products offered by its parent company iFinex. Much like KuCoin has KCS Bitfinex has LEO which allows users to access lower fees for trades and swaps on the exchange. The money generated from this further goes to cover expenses incurred by operating the ecosystem. Much like Trust Wallet Token above LEO tapered off at the end of December and has since traded sideways. It ended 2022 at $3.52 so as of right now it is currently down for the year as well. 

 

4)   So while I did not know about this token itself I was aware of the exchange that it was the utility token for! Not exactly a win but I do think it at least counts for something right?! OKB is the utility token for the OKX ecosystem allowing users discounts among over perks for the holders and users of the token. Since OKX offers a whole suite of decentralized financial services it would make sense that given the FTX collapse decentralized platforms would be booming and boy are they. At the beginning of the year, OKB was $27.50 a piece and has only continued to go up in price from there. Now sitting comfortably in the $40 range. 

 

5)                Finally, we hit the other one that I knew of but honestly had thought the project had fizzled out! Toncoin is the native currency of this Layer 1 blockchain that was created by the team behind Telegram. Faced with billions in fees and penalties by the US when Telegram was going to be part of the ICO Telegram itself walked away from the project while the team launched it. TON stands for The Open Network and aims to be an ultra-fast, low-cost, and environmentally friendly crypto project. Last year marked the launch of the mainnet which with the decentralized nature of this platform still has unofficial backers in Telegram and its network. It ended last year right around $1.06 a coin and now is hovering right around $2 making it roughly double in price so far in 2023!

 

The Losers

In my opinion, the losers are a ton easier to identify especially in 2022 because of the spectacular way in which several projects and blockchains just completely imploded on themselves. While going bust is part of the business cycle the way that these projects went needs to be commended in some situations just because... I mean WOW! 

 

1)          Running away in first place is Terra LUNA which has since been rebranded into Terra Luna Classic as Do Kwon attempted to relaunch the network after a hard fork. LUNC hasn't had much in the terms of positive news as this chain was abandoned and left to die. Adding in that Do Kwon has been arrested and could face extradition to either the US or South Korea it is safe to say this once-praised blockchain is not going to rebound and become much of anything. I guess a miracle could always happen but I would not hold my breath. 

 

2)            Part of me is a little proud of this little guy. I mean you go back a year ago and SBF was parading around as a white knight here to save the day yet as we all know he literally was sitting upon a house of cards and was awful at keeping track of really anything with his exchange which issued and backed FTT and his trading firm Alameda Research. After trading in the $20-40 range for most of the year FTT dropped like a rock when FTX was forced to declare bankruptcy due to Alameda having and leveraging so much of its assets with FTT. At one point it had fallen to under $0.90 and began the year around that level. The biggest reason why it has not resorted to LUNC levels is that John Ray III and his team have recovered funds at levels beyond my wildest imagination. I should have expected this after all I am from Houston and watched him take charge of Enron's bankruptcy in the early 2000s.

 

Now to be fair I am not sure what else we can really expect out of this token and its performance. A lot of talk has happened in recent days and weeks about sales of different parts and possible relaunches of the exchange and while it might end up happening plenty can still go wrong. I think at this point there just is not a lot of true value in the token and that speculation is starting to take over. 

 

3)     Naturally, the project was extremely intertwined with FTX, and more importantly, Alameda Research was in deep trouble when those two went belly up. In 2022 Solana was at one point over $100 a piece but fell to the $30-40 range prior to the collapse. With the collapse, Solana looked to be in deep deep trouble with it ending 2022 under $10 a token. The token though has had a lot going for it with it becoming unentwined with FTX/Alameda and having the Helium Network continue with its integration onto the Solana chain. Developers have also continued to boost and address issues previously faced that caused the blockchain to freeze/crash not to mention work on a phone. 

 

The development team behind Solana has done pretty much the perfect job given the situation they were thrust into. They have managed to keep developer activity high and offer a solid option to Ethereum that offers Ethereum compatibility. That being said it has almost tripled in value since the beginning of the year and without a full-blown bull market clearly emerging I am not sold that this would continue to grow at the rapid rate it has. At a minimum, it is a fantastic story of overcoming the odds and pushing through and I really think that matters most. 

 

4)     Victim of one of the biggest hacks in history Axie Infinity (AXS) was the clear leader when it comes to the play-to-earn bubble came and blew up. At its peak AXS was worth an astounding $157 a token and had people quitting their jobs just to play the game and make money. Instances like that scream that the tokenomics have become unstable and so when it entered 2022 still valued at over $95 a piece it was destined to fall. It ended the year at $6 and has rebounded pretty well so far this year.

Even with the hack the development team was able to secure funding to pay back those who were affected and have been able to continue to build and release updates to the game. Will it ever return to its previous highs? I doubt it as so many play-to-earn projects have failed and this one also has to deal with the hack and fallout from that. That being said I also do not think that the project is going to disappear anytime soon!

 

5)      Arguably the Metaverse craze leader in 5th place we have The Sandbox (SAND). While this project had been launched before the craze even began the token was traded at $0.04 a piece a far cry from the $7+ it hit at the peak of the craze. At the beginning of 2022 it was trading at $5.75 so off its peak but still considerably higher. As the Metaverse craze died down naturally the token price retreated ending the year at $0.38 a piece. Since the beginning of the year much like the other crypto projects out there SAND has recovered and done extremely well getting close to hitting a dollar back in Feburary. Now this is pure speculation but I think what we have seen is those that bought into the hype getting wiped out and now those that are left are those who believe in the future of this project and the Metaverse overall. The technology is not here yet and even more important is that it is not available to the average person. All of that is to say The Sandbox has some important partners that will be key to the future of any Metaverse project we just need the tech to catch up to the idea, a problem often faced with cutting edge industries and ideas. 

 

Final Thoughts

Looking at the projects that exploded in value and those that crashed we can notice a few critical underlying elements. By far the biggest and most important to the industry is that decentralized tokens and coins took off in value and did much much better than others. This has also continued compared to ideas that were more flash in the pans. Leadership in these projects is also key as seen with the two biggest failures and is part of the reason I do not expect to see to much from them going forward. With the losers Solana in my opinion was a victim of FTX and was not really due to anything that the Dev team had done as they have continued to improve and attract builders to their chain and that has been reflected in its price increase. Both Axie Infinity and The Sandbox were both caught up in the hype in their respective categories and went bust. It doesn't make their projects worth any less and I think that is why we have seen the recoveries in their prices that we have I am just unsure of how much more they could have possibly left in the tank without some announcement. 

 

Markets have surpassed my expectations with how well they have recovered given the macro economic situation. With the US expected to enter a recession this year and the Fed being the Fed I will be interested to see if this momentum in the market is able to continue and prices to continue to climb. If I had to put a label on it it would be cautiously optimistic about the future and where prices would go from here for the crypto market overall. 

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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