Beam, FET, Mantra, and Arweave lead altcoin declines with double-digit losses

Altcoins Beam, Artificial Superintelligence Alliance, Mantra, and Arweave have all suffered double-digit losses, ranking as the top losers of the day.

Beam

Beam (BEAM) led the charge of the top losers seen on Aug. 12, falling 13% at $0.012 per price data from crypto.news. The token’s daily trading volume was hovering around $38.9, with its market cap standing at the $650 million mark.

Beam’s recent decline comes after it was the top gainer on August 11, driven by increased interest from whales who began accumulating the asset. According to reports from crypto.news, this significant whale activity pushed BEAM into overbought territory.

The current drop in Beam is attributed to a price correction following its previous surge, which was fueled by whale accumulation. This overbought condition suggested a likely sell-off as investors moved to secure profits.

Artificial Superintelligence Alliance

Artificial Superintelligence Alliance (FET) had also dropped by 11%, being traded at $0.8236 at press time. The AI token had a daily trading volume of $146.5 million, with its market cap falling under $2.1 billion.

The latest drop in FET erased all of the gains it experienced yesterday when it jumped 12% and was trading at $0.938. The AI token had also dipped by 24% over the past week.

Mantra

Mantra (OM) had dropped 10.7%, trading at $095 at press time. The digital currency’s market cap has dropped to $803 million. Additionally, the 84th largest crypto asset is showing a daily trading volume of $28.5 million.

MANTRA is a decentralized financial services ecosystem and dApp developed on the Rio Chain. The platform is governed by its community and leverages interoperable technology, with a focus on staking, lending, and incorporating real-world assets into the defi ecosystem.

Arweave

Arweave (AR) declined 10% over the past day, trading at $20. Its daily trading volume was hovering around $46.5 million while its market cap was still standing at $1.3 billion.

Arweave is recognized for its decentralized storage solution, which operates on AI-enhanced blockchains.

Recently, co-founder Sam Williams introduced the Arweave AO protocol, a sophisticated computing framework designed to enable parallel executions for proof-of-stake computations. This protocol is aimed at meeting the increasing demands of social media and AI applications on blockchain technology.

The recent decline in these altcoins coincides with a 4% drop in Bitcoin (BTC), the largest cryptocurrency by market capitalization, over the past 24 hours, leading to $155.25 million in liquidations across the crypto market.

According to data from CoinGecko, the broader crypto market has fallen by 4.23% in the last 24 hours, bringing its total value down to $2.06 trillion.

Market sentiment in the crypto space is currently extremely fearful, driven by ongoing political conflicts, geopolitical tensions, and other macroeconomic factors contributing to increased volatility.