The cryptocurrency market can be fickle and unforgiving at the best of times. No one knows that more than investors in the following tokens, each of which remain down more than 99% from their all-time price highs.
So let’s take a look at three tokens that continue to plumb lower lows, years after soaring to their highest highs.
Dentacoin (DCN) – The Cryptocurrency for Teeth
No coin represents the madness of 2017’s ICO goldrush better than Dentacoin. Described as a blockchain solution for the global dental ecosystem, Dentacoin marked the crest of a wave that saw blockchain tokenization applied to just about every business sector imaginable.
Dentacoin’s DCN token was supposed to act as incentives for dentists and patients to join Dentacoin’s dental ecosystem. But according to the author of Attack of the 50 Foot Blockchain, David Gerard, DCN suffers from bearing too many similarities to a security token, despite consistent claims to the contrary.
Dentacoin’s price peaked on January 7, 2018, when the value of one DCN token rose to $0.008267. Six months later, it had lost 95% of its value. Two-and-a-half years on, and Dentacoin is still down 99.93%, priced at $0.000005 at time of writing.
Despite recording barely more than $50,000 worth of trade volume on August 8, Dentacoin remains in development, and its team aims to release a mainnet upgrade this year.
Revain (REV) – Unnecessary Tokenization
In 2017, Revain launched with the goal of setting up a crypto-centric review website where projects, exchanges, wallets, miners and more could all be rated by users.
The tragedy of the project is it succeeded.
By actually building its review website, Revain appears to have reminded everyone that perhaps the REV token wasn’t truly necessary after all. Numerous such review hubs exist online, and few bother with any kind of tokenization.
Revain currently offers to pay its authors in RVN, an internal stablecoin currency whose value is calculated using the formula: (1usdc+1tusd+1usdt) / 3. Withdrawing RVN is impossible, according to the Revain website. Instead, it is converted into REV at a market rate during the withdrawal process, where a Telegram verification is demanded, and confirmation by the platform’s employees must be secured.
Once worth over half a billion by market cap, Revain is now ranked 637th, with a market cap of just over $5 million.
Salt (SALT) – Three CEOs in Three Years
Salt Lending was one of the first blockchain projects to offer crypto-backed loans, years before decentralized finance came into view. After launching in October 2017 at a price of $7.50, Salt rode the market pump into the New Year, where it notched up a token price of $17.74, and a market cap of over $963 million.
Originally gaining the backing of Shapeshift founder Erik Voorhees, Salt was cut down in its prime in November 2018 when the SEC announced it would begin an investigation into the lending project. A couple of months later, the world’s largest cryptocurrency exchange, Binance, announced it would delist Salt from its platform.
Between 2017 and 2020, Salt Blockchain Inc – Salt’s parent company – had three different CEOs. First there was original CEO Shawn Owen, who some claim dumped his Salt holdings before leaving. Then came Bill Sinclair, the firm’s former CTO, and the first to remove Salt’s static pricing in favor of a dynamic model. In July 2020, Justin English, a former Salt board member, was appointed the new CEO.
Today, the Salt token is worth a mere $0.102734, while its market cap has shrunk to just over $8 million.
A Thousand Quick Deaths
By all accounts, all three projects named above continue to plan and work towards a brighter future. However well they fare, the prospects of their native tokens reaching former heights looks remote.