Beam, FET, Mantra, and Arweave lead altcoin declines with double-digit losses

Altcoins Beam, Artificial Superintelligence Alliance, Mantra and Arweave were among the biggest losers of the day, experiencing double-digit losses.

Beam

Beam (BEAM) led the rally among the biggest losers seen on August 12, falling 13% to $0.012, according to price data from crypto.news. The token’s daily trading volume was around $38.9, while its market cap was at $650 million.

BEAM price chart – August 12 | Source; crypto.news

Beam’s recent decline comes after it was the top gainer amid growing interest from whales who began accumulating the asset on Aug. 11. This significant whale activity pushed BEAM into the overbought territory, Crypto.news reports.

The current decline in Beam is attributed to a price correction following a previous rally fueled by whale accumulation. This overbought situation signals a possible sell-off as investors move in to take profits.

Artificial Super Intelligence Alliance

The Artificial Super Intelligence Alliance (FET) was also down 11%, trading at $0.8236 at press time. The AI ​​token had a daily trading volume of $146.5 million, and its market cap fell below $2.1 billion.

FET price chart – August 12 | Source; crypto.news

The recent decline in FET erased all of the gains it had made yesterday, when it rose 12% to trade at $0.938. The AI ​​token had also fallen 24% in the past week.

Mantra

Mantra (OM) is down 10.7% and trading at $095 at press time. The digital currency’s market cap has fallen to $803 million. Also, the 84th largest crypto asset is showing a daily trading volume of $28.5 million.

OM price chart – August 12 | Source; crypto.news

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

Weaving

Arweave (AR) was down 10% in the last day, trading at $20. Its daily trading volume was around $46.5 million, while its market cap was still $1.3 billion.

AR price chart – August 12 | Source; crypto.news

Arweave is known for its decentralized storage solution that runs on AI-powered 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 latest drop in these altcoins coincides with a 4% drop in Bitcoin (BTC), the largest cryptocurrency by market cap, over the past 24 hours, which led to $155.25 million worth of liquidations in the cryptocurrency market.

According to CoinGecko data, the cryptocurrency market has fallen by 4.23% in the last 24 hours, with its total value falling to $2.06 trillion.

Market sentiment in the cryptocurrency space is extremely anxious, driven by ongoing political conflicts, geopolitical tensions, and other macroeconomic factors contributing to increased volatility.