The Crypto Market Decline: PENGU Stands Alone Amidst the Carnage

In a troubling trend for investors, 99 out of the top 100 cryptocurrencies are trading significantly below their all-time highs, with the standout exception being the newly launched PENGU token. PENGU has managed to maintain positive returns, while established projects like FTX Token and Terra Luna Classic have suffered declines of up to 99%. This article delves into the current state of the crypto market, the implications of these declines, and what it means for investors.

Key Takeaways

PENGU is the only cryptocurrency among the top 100 that is trading above its all-time high, while the others are down anywhere from 30% to 95%.
Significant declines have been seen in coins like FTX Token (FTT), Terra Luna Classic (LUNC), and Internet Computer (ICP), with drops between 95%-99% from their peak values.
Recent data from Galaxy Research sheds light on the ongoing struggles within the cryptocurrency market, beyond the surface-level recovery narratives.

Top 100 crypto performance

Source: Galaxy Research

An analysis of the top 100 cryptocurrencies by market capitalization indicates that almost all of them are currently trading below their all-time highs, with only PENGU, a newer entry into the market, showing positive returns.

99 of top 100 cryptos trade below all-time highs!—Only PENGU escapes the carnage

PENGU: The Lone Survivor

PENGU is currently the only token in the green among the top 100. Launched in December 2024 through a $1.5 billion airdrop, the Pudgy Penguins meme token holds the 73rd spot by market cap. Its standout performance reflects less about its triumph and more about its timing—PENGU does not carry the baggage of previous peaks that weighs down many established projects.

PENGU’s success is closely tied to the popularity of the Pudgy Penguins brand, which has gained substantial recognition in the real world, including toy sales at Walmart, a viral TikTok presence, and billions of impressions across social media platforms. Currently, PENGU trades around $0.015, with a market cap of $900 million.

The Devastation of Crypto Blue-Chips

Established projects are showing significant losses, as seen in recent charts depicting these developments. For instance, Cardano is trading approximately 80-85% below its peak, while Polkadot is in a similar situation. Other tokens like Chainlink, Avalanche, and Uniswap are also down by 80-90%, despite being regarded as "safe" investments.

Even the major players like Bitcoin and Ethereum are affected, sitting 30-40% below their all-time highs, with a widening gap between these leading coins and the altcoins further illustrating the ongoing crisis.

The Ghost of 2021

Most top-100 cryptocurrencies reached their all-time highs during the bullish market of 2021. Notably, Ethereum achieved a new high in August 2025, crossing over $4,900, while Bitcoin reached over $126,000 in October. However, years later, most cryptocurrencies have struggled to recover, despite several attempts to rebound.

Particularly hard-hit are projects that were abandoned during the bear market, with FTX Token, Terra Luna Classic, and Internet Computer seeing declines between 95%-99%.

Is an Altcoin Season on the Horizon?

Current data supports the idea that "altcoin season" is effectively over. The Altcoin Season Index recently registered a low of 24, indicating a strong dominance by Bitcoin. Additionally, Galaxy Research's findings illustrate that not only have altcoins underperformed recently, but they have been unable to recover for several years.

Tokens associated with decentralized finance (DeFi) have been especially hard hit, with platforms like Uniswap, Aave, and Compound showing drops of 70%-85% below their previous highs, even as the total value locked within these protocols remains relatively stable. This disconnect raises continuing questions about the fundamental valuation of these tokens.

Conclusion

The current landscape of the crypto market reveals that surviving the bear market does not equate to recovering from it. Even being part of the top 100 cryptocurrencies does not protect against long-term declines. Only Bitcoin and Ethereum appear to have relative resilience, but they too remain well below their peak values.

PENGU's unique position as the sole cryptocurrency in the green underscores how timing can outweigh longevity in the volatile cryptocurrency markets.