Altcoins such as Beam, Artificial Superintelligence Alliance, Mantra, and Arweave have all experienced double-digit losses, ranking as the top losers of the day.

Beam

Beam led the group of top losers on August 12, falling 13% to $0.012. The token’s daily trading volume hovered around $38.9 million, and its market cap was approximately $650 million.

Beam’s recent decline follows its status as the top gainer on August 11, driven by increased interest from whales who began accumulating the asset.

The current drop in Beam is attributed to a price correction after its previous surge, which was fueled by whale accumulation. This overbought condition suggested a likely sell-off as investors moved to secure profits.

Artificial Superintelligence Alliance

The Artificial Superintelligence Alliance (FET) token also dropped by 11%, trading at $0.8236. Its daily trading volume was $146.5 million, with its market cap falling below $2.1 billion.

The latest drop in FET erased all the gains it experienced yesterday when it jumped 12% to $0.938. The AI token has also dipped by 24% over the past week.

Mantra

Mantra (OM) saw a decline of 10.7%, trading at $0.95. The digital currency’s market cap has fallen to $803 million, with a daily trading volume of $28.5 million.

Mantra is a modular blockchain network featuring two chains, Manta Pacific and Manta Atlantic, specializing in zero-knowledge applications.

Arweave

Arweave (AR) declined by 10% over the past day, trading at $20. Its daily trading volume was around $46.5 million, while its market cap stood at $1.3 billion.

Arweave is known for its decentralized storage solution, which operates on AI-enhanced blockchains.

Recently, co-founder Sam Williams introduced the Arweave AO protocol, a sophisticated computing framework designed to enable parallel executions for proof-of-stake computations. This protocol aims to meet the increasing demands of social media and AI applications on blockchain technology.

The recent decline in these altcoins coincides with a 4% drop in Bitcoin (BTC), the largest cryptocurrency by market capitalization, leading to $155.25 million in liquidations across the crypto market.

According to data, the broader crypto market has fallen by 4.23% in the last 24 hours, bringing its total value down to $2.06 trillion. Market sentiment in the crypto space is currently extremely fearful, driven by ongoing political conflicts, geopolitical tensions, and other macroeconomic factors contributing to increased volatility.

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