These Crypto Projects Had Billion-Dollar Valuations, Now They Trade 90% Lower

Ten cryptocurrency projects that previously achieved billion-dollar private valuations are now trading at market caps significantly lower, ranging from $7 million to $294 million, representing declines of 88% to over 99%. Notably, four of these heavily impacted projects are in the zero-knowledge proof and Layer 2 sector. Scroll (SCR) leads the decline with a 99.54% drop from a $1.8 billion valuation to a $8.25 million market cap. Boba Network and Fuel Network also experienced drops exceeding 99%. Starknet, despite raising $282.5 million at an $8 billion valuation, has seen a 95% decrease to a $199 million market cap. Other projects like Polyhedra, Wormhole, Magic Eden, HashKey Group, Mocaverse, and Immutable also saw substantial value destruction. Despite these significant losses, venture capital activity in the crypto space has shown signs of rebound, with March 2026 recording approximately 100 funding rounds totaling $2.59 billion.

(Source：BeInCrypto)