• 26 May, 2024
Markets News

Forbes Unveils 20 Crypto ‘Zombies’: Are STX, ICP, FTM, ADA, and EOS Doomed?

Forbes research recently unveiled a list of 20 entities, termed “zombies” for their valuations coupled with a lack of proven utility beyond speculative trading as highlighted by DefiIgnas, Co-founder of PinkBrains_io. These entities, predominantly L1s or Layer 1 blockchains, have captured the attention of investors and enthusiasts alike, yet their true potential remains shrouded in uncertainty.

Among the notable mentions in this lineup are $STX, $ICP, $FTM, $ADA, and $EOS, each embodying the dual nature of immense valuation and questionable utility. Take, for instance, Stacks ($STX), trading at $2.65 with a 24-hour volume of $115,854,704. Despite its significant trading volume, Stacks has remained down by 4.00% in the last 24 hours, which indicates the speculative nature surrounding it.

Similarly, the Internet Computer ($ICP), priced at $13.67 with a 24-hour trading volume of $131,689,987, mirrors this trend. Despite its relatively high trading volume, Internet Computer has declined 0.92% in the last 24 hours, further underscoring its uncertain trajectory within the crypto market.

Fantom ($FTM), valued at $0.750193 with a 24-hour trading volume of $244,144,155, presents yet another case study in the realm of crypto billion-dollar zombies. While it has experienced a modest increase of 2.23% in the last 24 hours, its overall utility beyond speculative trading remains to be questionable.

Cardano ($ADA) and EOS ($EOS) round up this list, each grappling with its unique set of challenges in the crypto landscape. Cardano, priced at $0.476311 with a 24-hour trading volume of $352,858,734, faces a marginal decline of 0.19% in the last 24 hours, highlighting the precarious balance between valuation and utility.

EOS, valued at $0.814796 with a 24-hour trading volume of $246,477,985, underwent a more significant decline of 6.72% in the last 24 hours, raising questions about its long-term viability as more than just a speculative asset.

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