Yesterday, Cosmos's ATOM token fell to $4.8, its lowest price since 2021.
The token's market cap has dropped from over $10 billion in 2021 to about $1.7 billion, while its 24-hour volume has shrunk to $123 million, trailing smaller coins like Floki and ThorChain.
Futures open interest has plunged to $69 million, down from $120 million in May and $271 million in 2021, and network transactions have slowed to 45,000 on Thursday.
Despite the decline, Cosmos maintains a high staking yield of 18% and a staking ratio above 60%, which could offer some support.
Technically, ATOM remains below its 50-week moving average, with momentum pointing lower and the next support level around $3.5.