After Bitcoin’s[1] fall below the bull market support band, the larger market including most of the top altcoins[2] saw a rebound from the higher price levels.
Paving the way for losses, rebase tokens saw high sell-offs with many of them trading below lower price levels and some even below their “risk-free” value. OlympusDAO (OHM), the top rebase token as per market cap was down 66.49% from its October all-time high of $1,452.
One reason behind the fall of rebase tokens over the last month could be their highly inflationary nature which creates more sell pressure for the tokens. Nonetheless, with the larger market eyeing recovery the Rebase Tokens market cap stood at $5.04 Billion, noting over 5% change over the last day.
At the same time, OHM/LUSD noted over 40% pump in price over the last four days as hope for rebase tokens, particularly OHM seemed to be rekindling. Despite the rise in price OHM’s health seemed weak at the moment amid negative social sentiment for the token.
Weak health
OHM’s rise and fall have been rather dramatic and pretty much sum up how the larger market has been riding. The token was up 500% from August to October. Moreover, it is now back to where it started as it fell in price from October to December. Once more, Olympus has picked up but something was still off.
Active addresses for the asset have been in a downtrend since November making lower peaks. In fact, at the time of writing, active addresses were sitting at all-time low levels last seen in early September. Network growth further presented that OHM doesn’t see any signs of ‘new blood’ inflow and the activity kept low.
Source: Sanbase
The increased activity and strong movements around December 14
