Startups Cemetery: Analysts Report the Fall of Top Crypto Unicorns

Market conditions have officially stripped the "unicorn" status from a wide range of ambitious blockchain projects. According to data from Top 7 Crypto analysts, the market capitalization of these former industry leaders has plummeted by 90% or more from their peak values.

Investors are facing a harsh reality check following the inflated expectations set during early funding stages.

Chronicle of Collapsing Valuations

The market has effectively wiped out the value of several high-profile startups. For instance, the FUEL project has lost 99% of its value, with its FDV (Fully Diluted Valuation) dropping to a mere $9 million.

Other former favorites are showing similar downward trajectories:

• Scroll: Devalued by 97.6%, down to $42 million.
• Starknet and ZKsync: Both heavyweights have lost 96%.

"Their current valuations are hovering around $350 million and $320 million, respectively. Neither big-name VC backing nor technological innovation could save them," analysts noted.

The list of "fallen unicorns" continues:

• Wormhole: $131 million (-95%)
• Movement: $180 million (-94%)
• ALEO: $87 million (-94%)
• EigenCloud: $296 million (-93%)
• Celestia: $355 million

The Expectation Bubble

Analysts point to several key factors behind this rapid nosedive. The primary issue, they argue, is the bloated valuations during private funding rounds that failed to meet actual demand once the tokens hit public exchanges.

"Aggressive unlock schedules also played a major role. When early investors and core teams get access to their tokens, they frequently move to lock in profits, creating massive sell pressure on the order books. Retail investors simply cannot absorb these volumes, especially given the low interest in new blockchains," experts explained.

Four-Month Decay

The degradation of these assets has accelerated since December 2025, when the situation appeared less dire.

Top 10 Fallen Crypto Unicorns (December 2025 vs. April 2026):

The Monad platform, which raised a total of $431 million in investment, is also struggling to withstand market pressure. The asset is currently trading below both its private and public sale prices, signaling significant weakness in demand.

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