- Olympus DAO’s native token hit $1,415 at its peak in 2021, and it has dropped 91.8% from an all-time high.
- Experts believe that capitulation by whales triggered a drop in the Ethereum based token’s price.
- Crypto influencers have criticized Olympus’s native token OHM and referred to it as a Ponzi scheme.
- Analysts believe that Olympus price is in the buy zone.
Experts believe a prominent wallet investor triggered a cascade of liquidations in the Olympus DAO protocol’s native token. The sell-off has triggered a 40% drop in Olympus price over the past week.
Olympus price suffers bloodbath, drops 40% within a week
Olympus, an Ethereum based DAO, has suffered a massive drop after hitting an all-time high in 2021. The protocol onboarded several new users seeking a high annual percentage yield (APY). Olympus price has posted over 40% losses in the past week.
Chinese journalist Colin Wu believes that cascading liquidations by large wallet investors were the key to the price drop. While influencers argue that Olympus DAO is a Ponzi scheme.
The algorithmic currency protocol was classified as high risk by crypto research firm Delphi Digital. Olympus’s native token is in a downtrend as early investors booked their gains in 2021.
An Olympus whale, @shotta_sk, sold $11 million worth of OHM tokens causing a 25% slippage and $5 million in liquidations for the algorithmic protocol.