Which Cryptocurrencies Gained and Lost in 2023

The year 2023 was a banner year for cryptocurrencies. Although there were significant lows, they were overshadowed by the exhilarating highs that cryptocurrencies reached in 2023.

As the digital asset space continued to change and grow, cryptocurrencies reached new heights last year, with several gainers reporting four-digit gains. This article will spotlight the biggest gainers of 2023 and mention some that did not perform just as well.

The Top Performers

The convergence of institutional interest, technological developments, and a rising realization of blockchain technology’s disruptive potential across multiple industries made 2023 a turning point for cryptocurrencies, helping the following top performers gain record increases:

BONK

Dog-themed memecoin BONK leads the list after recording a landmark 7,059.4% gain last year, where it became the first memecoin in the Solana ecosystem to reach the $1 billion milestone and serves as the ecosystem’s representative memecoin. 

BONK was having a normal year until it garnered significant traction in the latter weeks of October and continued to rise to astonishing heights over the next two months, making it one of the largest memecoins by market capitalization, second only to Dogecoin (DOGE) and Shiba Inu (SHIB).

Injective (INJ)

Injective produced one of the largest returns in the cryptocurrency market for a top 100 asset in 2023, with a growth of 2,851.9%. Before the year’s final quarter, INJ was trading at $1.27 on January 1, increasing to almost $7.40.

After several encouraging events surrounding the project, its value increased throughout the last quarter of the year and peaked on December 24 at $44.57. On December 31, it closed at $37.49 per token.

Kaspa (KAS)

At the end of 2023, Kaspa was valued at $0.106 per coin, representing a 2080.5% rise from the beginning of the year. The price peaked on November 19, 2023, at $0.15. During this period, trading data increased, reaching its highest points in the last quarter of the year.

The daily trade volume on November 18, 2023, surpassed $170 million. Kaspa shot up to the top 100, momentarily even breaking into the top 30. Among the top 100 crypto assets, Kaspa has gained the third-most.

Render Network (RNDR)

With a value increase of 1,032.9%, RNDR is the fourth-largest gainer among the top 100 crypto assets in 2023. The GPU rendering project began in January 2023 at $0.40 per coin and ended on December 31, 2023, at $4.55. On December 27, 2023, it reached its yearly peak of $5.17.

Its pricing performance in 2023 was influenced by the Request for Compute (RFC) release in June and the circumstances surrounding it. But after that, in December 2023, Render’s progress was furthered by an extension to the Solana network.

SOLANA

SOLANA finished the top 5 gainers among the top 100 crypto assets in 2023. After its 2022 crash, Solana entered the year above $9.96 and concluded at $102 on December 31, 2023. December saw Solana surpass $112 annually, with its price surging rapidly due to growing interest in the Layer 1 blockchain.

WEMIX

WEMIX posted a 600% gain in 2023, peaking at $3.87 on December 8. It started the year over $0.35 and concluded above $3. It had the eighth-highest increase among the top 100 cryptos.

WEMIX, the native token of the Layer 1 blockchain WEMIX3.0, has performed well due to the exponential growth of the ecosystem. WEMIX3.0 has successfully transitioned to its second phase, onboarded over 39 games, and held the world’s first Real World Event NFT, WEMIX CHAMPIONSHIP 2023.

The Underperformers

With a banner year, it is difficult to digest how one can perform so badly and be among the only eight crypto losers in 2023.

PancakeSwap

Despite a successful year for cryptocurrencies, the once-promising web 3.0 platform PancakeSwap dipped from $3 in January to $1.3 six months later. It continued its decline until the last day of the year.

The catastrophic losses were attributed to token overselling and failed platform updates.

SandBox

Second to this unfortunate list is SandBox, which saw its price drop to $0.41 by the end of the 1st half, and somehow, the virtual gaming platform could not recover from there.

Kadena

Completing the bottom three is Kadena, which improves crypto transaction scalability and throughput by using proof of work and acyclic graph verification techniques.

The 2022 crypto meltdown devastated this project, which is still recovering. Kadena’s native token, KDA, plummeted from $1.35 in January 2023 to $0.59 in July and continues to fall.

Price is expected to grow by 2023. Nothing seems to raise the price without strong buyer interest.

Crypto: No Way To Go But Up

Cryptocurrencies skyrocketed in 2023, with 92 out of 100 cryptocurrencies recording huge gains. This was mainly fueled by the large-scale institutional adoption where significant financial institutions and enterprises accepted cryptocurrencies as an asset class.

With blockchain technology’s incorporation into mainstream financial systems and DeFi platforms’ adoption and regulations in many jurisdictions gaining validity and security, the industry will surely attract more investors, and truly, there is just no way but up!

You don't have permission to register