DePIN Tokens See 30% Market Capitalization Decline in Six Months Despite Sector Reaching $20B Valuation: MV Global

HNT bucks the trend, gaining 70% over the last month.

DePIN tokens have seen a downturn in the past six months, with an average decline of 30%, a report by MV Global showed.

Despite the downturn, DePIN tokens outperformed the broader crypto market, which saw an average decline of 45.7% in the same period. Out of 20 major crypto sectors, DePIN tokens performed better than 16.

The downturn comes after a period of strong performances in Q4 2023 and Q1 this year, when many projects in the space achieved new all-time highs. As of Sept. 1, there are roughly 2,365 active DePIN projects in the industry, based on DePIN Ninja data.

However, Helium’s native token, HNT, bucked the trend, surging by 70% in the past month. The price increase comes as Helium announces progress on its roadmap and surpasses 100,000 mobile subscriptions.

The report also highlighted varying performances across DePIN subverticals. Connectivity-oriented projects underperformed compared to other DePIN categories, despite showing smaller drawdowns in recent months due to HNT’s performance.

At the same time, bandwidth-oriented projects outperformed over the six and 12-month period, with AIOZ seeing a remarkable 3278.6% increase over the past year.

The native token for AIOZ Network, a decentralized content delivery network, is called AIOZ.

Furthermore, DePIN tokens linked to storage and censor, such as FIL and HONEY, performed poorly in the past six months, with average losses of 36.6% and 38.2%, respectively.

Despite the downturn, the DePIN sector outperformed the broader crypto market, which saw an average decline of 45.7% in the same period, according to Artemis data. Overall, DePIN tokens outperformed 16 out of 20 major crypto sectors in the last six months.

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