The 4 Worst Cryptos of 2021
2021 was a watershed year for the cryptocurrency industry. Bitcoin and Ethereum became household names after surging 60% and 400% respectively. Previously unknown altcoin Solana exhibited a meteoric rise of 11,800% to break into the top 5 coins by market cap. Many other coins flipped in value many times over in the previous 365 days, many of which can be found on reputable exchange Phemex. But that doesn’t mean 2021 was a godsend for every project. A rising tide might float all boats, but here are 5 cryptos that couldn’t stay afloat even during one of the biggest crypto waves in history.
- SQUID
Much has already been reported on the Squid Game token which turned out to be a shameless rug pull by anonymous developers. Launched on the BSC chain, unwitting buyers found that they would purchase but not sell this scam coin. And on November 1, 2021 the project developers swindled all the liquidity away, causing SQUID to drop from over $500 to mere pennies within minutes. Interestingly, there are still price fluctuations for this coin meaning it’s still being traded, although the price is currently less than a nickel.
2. Internet Computer ICP
Newly launched in May 2021, ICP touted grand ambitions and burst onto the scene with much fanfare. But it ran into trouble almost immediately after hitting the public markets. After fetching an all-time high of $750 in May, it crashed to below $50 in June and has since never made much headway to break into the triple digits again. Some blamed the dazzling drop on the early investor vesting schedule, which allowed early investors to cash in and sell right after ICP’s debut ICO.
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3. Bitcoin SV
As one of the most salient and contentious forks of Bitcoin in recent years, BSV actually suffered a down year while most other high market cap cryptos passed it by. While BSV participated in the April and May 2021 rallies, it crashed back down and was never a part of the October to November bull market. BSV was also plagued by bad news such as being delisted on several large exchanges. The coin is also closely tied to Craig Wright, a controversial figure in the crypto community for his claims of being Bitcoin’s original creator Satoshi Nakamoto.
4. Worldcoin
Created by former Y-Combinator president Sam Altman, Worldcoin boasted some lofty ambitions. It proclaimed to leverage blockchain technology in order to bring universal basic income to all. It raised $25 million from famous Silicon Valley venture capitalists such as Andreessen Horowitz. However, the way worldcoin works is the user must have their retinas scanned by a silver, spherical device. By individually collecting eyeball data on the world’s population, Worldcoin seems to be more of a “Big Brother” type initiative than a morally righteous global savior.
