Cryptocurrency outsiders: why the largest tokens are falling

However, even among significant altcoins, there are outsiders that, for various reasons, despite the overall upward trend, are showing negative dynamics — and this article will focus on them.

1. Pyth Network (PYTH)

The Pyth Network protocol was initially launched on the Solana blockchain in August 2021 and represents a decentralized oracle network created to provide accurate data for networks.

In 2022, the Pyth Network team launched its mainnet. In November 2023, a native token with the ticker PYTH was released, with a portion of it distributed among active ecosystem participants through an airdrop.

Against the backdrop of the general growth trend in the crypto market, within just four months after listing on exchanges, the price of the PYTH token increased more than 4 times — from $0.28 to $1.15, reaching its absolute all-time high (ATH) at this point. However, the price soon began to decline.

The situation was not significantly improved by the rise in cryptocurrencies triggered by the positive outcome of the US presidential elections in November 2024. Since the beginning of 2025, the price of the PYTH cryptocurrency has decreased by more than 65%, from $0.35 to $0.12, and the project's market capitalization has dropped to $695 million. However, based on this indicator, Pyth Network is still among the top 100 most significant crypto projects.

Analysts attribute this decline to negative investor expectations regarding the upcoming unlocks of PYTH tokens, during which more than half of all existing tokens are expected to be unlocked.

Despite the negative dynamics, Pyth Network remains one of the top three leading blockchain oracle solutions, ranking behind only Chainlink and Bittensor, which have long established themselves as leaders in this segment.

2. Theta Network (THETA)

Theta Network is a leading blockchain platform for streaming video, essentially a decentralized alternative to YouTube or Twitch. A unique feature of the Theta Network is the ability to directly monetize blogs and streams without needing to share profits with a platform acting as an intermediary.

The Theta Network protocol falls within the segment of decentralized physical infrastructure networks (DePIN) and integrates artificial intelligence (AI) technologies to enhance the platform's efficiency and functionality.

By the second half of 2024, Theta Network was one of the leaders in the DePIN segment by market capitalization. However, since the beginning of 2025, the price of the THETA cryptocurrency has dropped by nearly 65% to $0.77, and its capitalization has decreased to $776 million. Nevertheless, based on this indicator, Theta Network is in the top 100 largest cryptocurrencies and ranks higher than the previously mentioned Pyth Network.

The likely cause of the decline is the low demand for the Theta Network platform, which has yet to compete effectively with leading centralized streaming services.

Despite the loss of positions, Theta Network remains in the top five leading crypto projects in the DePIN segment, surpassed in market capitalization only by Bittensor (TAO), Internet Computer (ICP), Render (RNDR), and Filecoin (FIL).

3. Ethena (ENA)

Ethena is a protocol for issuing synthetic stablecoins, whose backing is ensured through delta-hedging strategies. Thanks to this mechanism, stablecoins issued on Ethena remain decentralized and secure.

The Ethena protocol was launched in February 2024, and by April, the project team released its token, ENA, on the Ethereum blockchain. Additionally, the USDe stablecoin, based on the Ethena protocol, entered the top three leading stablecoins by market capitalization.

Despite the high popularity of Ethena and the USDe stablecoin, the ENA token began to decline in price rapidly after its listing on exchanges, even though it had peaked at $1.52.

Since the beginning of 2025, the price of the ENA token has fallen by 63%, and since its listing, by 47%. With a market capitalization of $1.92 billion, the ENA token is currently priced at $0.33, representing a 78% decrease from its all-time high (ATH).

4. Optimism (OP)

Optimism, now also known as OP Mainnet, is a Layer-2 solution for scaling the Ethereum blockchain.

In 2023–2024, Optimism held one of the leading positions in the Layer-2 market. However, the project then lost ground to newer, more technologically advanced solutions such as Mantle and Stacks, although it remains in the top five in the Layer-2 segment.

Since the beginning of 2025, the price of the OP token has fallen by 63%, reaching $0.64 and a market capitalization of $1.1 billion. This is more than twice as low as its listing price, which occurred during a global correction in the cryptocurrency market, and nearly 87% lower than its all-time high (ATH), which was recorded in March 2024 at $4.85.

Experts attribute the fall of the OP token to regular unlocks (unlocks), technical problems on the Optimism platform, and increasing competition from more technologically advanced solutions, which have led to reduced demand.

5. Virtuals Protocol (VIRTUAL)

Virtuals Protocol is a decentralized platform for joint ownership and use of AI agents, launched in December 2023. The Virtuals Protocol project is among the top ten leading platforms in the artificial intelligence (AI) sector.

Virtuals Protocol allows users to create AI agents, even in collaboration with other developers, and monetize them using the platform's native tokens, VIRTUAL.

Despite high demand for AI-related projects, the price of the VIRTUAL token has fallen by more than 50% since the beginning of the year — from $3.92 to $1.86. In January, the price of VIRTUAL reached its all-time high of $2.04, driven by the overall rise in the crypto market.

The decline in the price of the VIRTUAL token is attributed to a sharp decrease in demand for the asset and instability in volatile markets. Just one month after reaching its all-time high (ATH), the number of active addresses fell by 88%.

However, since the token's listing in December 2023, the price of VIRTUAL has increased by more than 18,000%. Additionally, during market uptrends, the VIRTUAL token has experienced positive dynamics.