It’s been a bit of a rocky start for the penny token.
Since its launch in 2018, it’s been struggling to break through the $1 billion barrier, though it’s seen a slight bump in volume recently.
Now that it’s more than half a year into its life, it looks like it’s going to have to settle for a much less lucrative place in the market.
The latest data from Coinmarketcap shows that the penny has lost more than 30% of its value, and the company has lost $3.6 billion.
That’s $3,000 for every penny coin you hold, or $2.7 billion in market cap, according to Coinmarket.
The news comes on the heels of a massive decline for the crypto token in 2018 as investors lost faith in the coin.
According to CoinMarketcap, in September 2018, the coin lost $6.2 billion.
A month later, it was down to $1.8 billion, a fall of 60%.
This isn’t exactly a good sign, but it’s important to note that the coin is only worth $1, so it’s worth less than that if it had remained steady for the full year.
Coinmarket is estimating the market cap of the token at $8.5 billion, which would make it the sixth most valuable coin in the cryptocurrency market.
However, this is still far below the $10 billion market cap the token had when it was launched.
If CoinMarketCap were to update their numbers every few months, the token would probably fall below $5 billion.
It’s also worth noting that it was only launched in 2018.
As a result, the company doesn’t have the data to gauge the current state of the coin, but the company did note that some investors were losing faith in it.
It looks like the coin has fallen behind the $2 billion barrier for the time being.
If that’s the case, it will have to wait for another month to see if it can catch up to its early momentum.