Over the past seven days, the quotes of more than 80 out of 100 largest cryptocurrencies have shown a decline. The total market capitalization of the cryptocurrency market decreased by almost 7% to $3.02 trillion, reverting to the levels at the beginning of the year. The largest drop was shown by coins from the privacy sector.
The selection of the five cryptocurrencies that have lost the most value is based on the percentage drop over the last seven days (from January 16 to 23), and the crypto assets are taken from the top 100 largest by market capitalization in the Coinmarketcap ranking.
Dash ($DASH )
The decline over 7 days (from January 16 to January 23): 28%
Dash (DASH) is the third-largest cryptocurrency by market capitalization in the privacy sector, following Monero (XMR) and Zcash (ZEC). In terms of anonymous transactions, DASH is more similar to ZEC because this feature is optional (in XMR it is implemented by default).
The Dash cryptocurrency was founded in 2014 by Evan Duffield as a modified version of the Litecoin blockchain with a focus on privacy. Unlike its closest competitors, DASH uses a hybrid mining mechanism (similar to Bitcoin) and staking (similar to Ethereum and Solana).
In the previous weekly segment, DASH became the growth leader with a figure of 130%. However, since then, the coin has been in a correction movement. The market capitalization of DASH is less than $850 million with a price of around $67 at 1:00 PM Moscow time. However, the cryptocurrency is trading approximately 95% lower than the absolute maximum set in December 2017 at $1642.
The rise and fall of the coin's price were not accompanied by any news background. However, on January 23, India's Financial Intelligence Unit (FIU) required local crypto exchanges and platforms to cease operations with anonymous cryptocurrencies, considering them high-risk in terms of money laundering. The regulator also banned the deposit and withdrawal of tokens intended to conceal the origin of funds or owners.
Monero ($XMR )
The decline over 7 days (from January 16 to January 23): 23%
The Monero cryptocurrency is the largest by market capitalization (around $9.5 billion), developed for anonymous transactions. The XMR coin's blockchain is based on a mechanism similar to Bitcoin's mining using specialized equipment.
The network itself was launched in 2014 and over the years has become somewhat of a cult cryptocurrency due to the technologies that ensure the anonymity of user transactions. For this reason, financial regulators in different countries are imposing bans on its circulation. Because of this, many major crypto exchanges, including Binance, OKX, and Bybit, had to refuse to list Monero.
The dynamics of XMR's price this week, like that of DASH, were not accompanied by any news background. After reaching an all-time high on January 14 at $798, the asset's price fell almost without a rebound. At the time of writing, XMR is trading around $520.
Ethena ($ENA )
The decline over 7 days (from January 16 to January 23): 20%
Ethena is the issuer of one of the largest stablecoins — USDe, pegged to the US dollar. Its market capitalization exceeds $6.5 billion. Unlike most large stablecoins, USDe is backed not by cash assets in the organization’s accounts, but by trading positions on crypto exchanges and decentralized finance applications.
As collateral for USDe, the project creates delta-neutral positions in the Bitcoin market, simultaneously opening positions for both growth and decline. This model theoretically ensures the stability of reserves and simultaneously generates passive income for the issuer through accruals from the funding rate on the perpetual futures market. The ENA token is the native asset of the Ethena crypto project.
Ethena also lacks any positive or negative news background; however, its flagship stablecoin USDe continued to lose capitalization. From a peak in October of around $15 billion, the project has lost almost 60% of its capitalization. The ENA token, which made a small growth spurt at the beginning of the year to the level of $0.25, is trading at $0.17. The asset's price is almost 90% lower than the record values of $1.52 from April 2024.
Pudgy Penguins (#PENGU )
The decline over 7 days (from January 16 to January 23): 18%
Pudgy Penguins are a popular NFT project created in 2021. It includes a collection of 8888 unique NFT images of penguins, whose owners can use them for commerce. The project is known for its strong brand and offline presence: the released toys are sold in major retail chains in the USA, such as Walmart and Target.
In 2024, the project expanded its ecosystem by releasing its own token PENGU, which is used in games on the blockchain (for example, in Pengu Clash on Telegram) and in partnership programs (for example, to accumulate miles with Lufthansa). In 2025, interest in the token grew amid an application for the launch of an exchange-traded fund (ETF) based on it, although this has not yet occurred.
The dynamics of PENGU mimic the movement of ENA and are also not accompanied by any news or events. At the beginning of the year, the price of PENGU rose to $0.0135, but at the current moment, the asset is trading below $0.01. This is more than 82% lower than the historical peak of $0.05738, reached in December 2024.
Sui (#SUI )
The decline over 7 days (from January 16 to January 23): 16%
Sui is a Layer 1 blockchain developed by Mysten Labs and launched in May 2023. Unlike traditional networks, Sui implements parallel transaction processing, allowing for high throughput, and the developers position the network as one of the fastest on the market. The SUI coin is native to the Sui blockchain — it is used for staking and as the main unit for paying transaction fees on the network.
SUI is one of the largest crypto projects in the market, ranking 19th with a market cap of $5.6 billion. The price movements of SUI are similar to the dynamics of ENA and PENGU. At the beginning of the year, the price of SUI rose to about $2 but has been in a downward trend for about two weeks now.
The historical peak price is $5.35 per coin, reached in January 2025. Since then, in May and July, there were attempts to establish above $4.2, but both were unsuccessful. Like other projects, SUI had no events during this week. However, the week earlier, from January 14 to January 15, the network was halted for about 6 hours — transactions were not passing and were not processed.
