Bitcoin may be holding its ground but nearly all tokens related to decentralized finance (DeFi) are having a hard time at the moment leading some industry analysts to believe that the bubble has burst.
Since its all-time high last month, total value locked across all DeFi platforms has declined by almost 10% according to DeFi Pulse. Crypto markets are definitely cooling off from this summer’s action, but DeFi seems to be freezing over as token prices plummet.
For the first week in several months, there have been no newly hyped DeFi food farms, no smart contract breeches, no influencer or exchange shills, and no new token pumps. Some of those previously pumped DeFi tokens are down over 90% from their all-time highs.
Industry expert and Nuggets News founder, Alex Saunders, has recently expressed the importance of taking profits when trading adding that, ‘DeFi is a bubble.‘