10 Altcoins that Crashed During the Month of November 2025
November’s Crypto Carnage: A Look at the Hardest-Hit Altcoins
November 2025 was a turbulent month for the cryptocurrency market, with altcoins bearing the brunt of the volatility. Across the board, many projects faced immense selling pressure, leading to staggering declines. Data from the past 30 days reveals that some digital assets saw corrections of over 70%, with one project losing nearly all of its value. This sharp downturn highlights the inherent risks within the altcoin sector, particularly for projects with low liquidity and smaller market capitalizations.
As investors navigate this challenging landscape, it’s crucial to understand which projects were most affected and why. Here’s a detailed breakdown of the 10
1. Pixelverse (PIXFI): -97.13%
Pixelverse, a Web3 gaming project built around an open world and a tokenized character economy, suffered a near-total collapse in November. The PIXFI token plummeted by an astonishing 97.13%, with its price falling to approximately $0.00011.
This catastrophic drop was triggered by a perfect storm of negative factors, including a more than 90% decline in in-game transaction volume and a failed roadmap update that shattered investor confidence. With its market cap effectively wiped out, PIXFI now represents an extreme-risk asset, serving as a cautionary tale for the Web3 gaming space.
2. LooksRare (LOOKS): -79.08%
LooksRare, a decentralized NFT marketplace positioned as a community-focused alternative to OpenSea, saw its native token, LOOKS, crash by 79.08%. The token’s price fell to around $0.0021, and its market cap dwindled to just over $2 million.
The primary driver behind this decline was the weakening global NFT market. NFT trading volume fell by 41% since Q3 2025, and declining sales of blue-chip NFTs drained liquidity from the ecosystem. On-chain data also revealed that staking on the LooksRare platform dropped by over 30%, reducing buying pressure and adding to the token’s downward spiral.
3. Fwog (FWOG): -68.79%
Fwog, a community-driven meme token that gained viral traction in the Solana ecosystem earlier in 2025, experienced an extreme correction in November. After a significant rally in the previous quarter, FWOG dropped 68.79%, with its price hovering around $0.0078.
The crash was largely attributed to massive profit-taking by early investors and whales who held a significant portion of the token supply. Despite the drop, its market cap of approximately $7.7 million suggests a resilient community base. However, with volatility surging over 160%, FWOG exemplifies the structural risks inherent in hyper-speculative meme coins.
4. Perpetual Protocol (PERP): -67.03%
Perpetual Protocol, a decentralized platform for trading perpetual futures, saw its PERP token fall by 67.03% to a price of about $0.082. This decline mirrored a broader trend in the DeFi derivatives sector, which saw global trading volumes shrink by over 28%.
Tight market liquidity and rising funding costs pushed traders away from risky derivative products. Furthermore, data from Dune Analytics showed that open interest on Perpetual Protocol fell by 35% in November. Intense competition from rivals like dYdX and GMX further exacerbated the pressure on PERP, making it difficult for the platform to retain its user base in a bearish market.
5. Clearpool (CPOOL): -61.01%
Clearpool is a decentralized lending protocol that enables institutions to borrow unsecured funds. Its token, CPOOL, experienced a sharp 61.01% decline, bringing its price down to $0.05. The primary cause was a drop in demand for institutional loans, fueled by increased credit risk following several major defaults on other DeFi protocols earlier in the year.
Although its market cap remains substantial at around $41.7 million, liquidity flowing into its lending pools fell by nearly 45% month-over-month. A lack of new loan issuance combined with the exit of large lenders created significant selling pressure on CPOOL throughout November.
6. Synthetix (SNX): -60.00%
Synthetix, a leading DeFi protocol for issuing synthetic assets like stocks and commodities, saw its SNX token drop by a clean 60.00%, with its trading price falling to $0.63. This downturn followed a 38% decrease in trading activity on Synthetix Perps compared to the previous month.
Reduced demand for synthetic assets amid bearish market sentiment directly impacted SNX’s value. Despite the heavy correction, Synthetix maintained a market cap of over $217 million, indicating its continued relevance in the DeFi space. However, a 27% fall in protocol revenue and the departure of key market makers contributed to the negative sentiment.
7. Story Protocol (IP): -58.52%
Story Protocol, a Web3 project focused on tokenizing and monetizing intellectual property (IP), saw its IP token fall 58.52% to a price of $2.51. After an initial wave of hype around the blockchain IP sector, retail investor interest began to wane.
The decline was accelerated by data showing a 50% drop in on-chain minting of creative content. While the project still boasts a large market cap of approximately $842 million, continuous selling pressure suggests negative sentiment towards the creator economy’s ability to generate short-term revenue.
8. Metaplex (MPLX): -58.13%
Metaplex, the foundational technology behind most NFTs on the Solana blockchain, saw its MPLX token collapse by 58.13%, trading at around $0.098. This was directly linked to a 32% drop in Solana NFT volumes during the month.
Reduced creator activity and fewer new listings on marketplaces created immense selling pressure. With a market cap of over $55 million, Metaplex remains a core piece of Solana’s infrastructure, but the MPLX token has been hurt by ongoing governance debates surrounding NFT royalties and fee structures.
9. Jito (JTO): -57.90%
Jito, a popular liquid staking protocol on Solana that offers extra yield through MEV rewards, saw its JTO token fall 57.90% to a price of $0.51. This decline coincided with a drop in Solana’s overall staking APY from 8.1% to 6.4%, reducing the incentive for users to participate in liquid staking.
Despite being one of the largest liquid staking tokens on Solana with a market cap of over $206 million, a sharp year-over-year correction has made investors defensive. Decreased staking activity and rising competition from protocols like Marinade have contributed to the pressure on JTO.
10. Drift Protocol (DRIFT): -57.28%
Drift Protocol, a decentralized perpetual futures platform on Solana, experienced a 57.28% drop in its DRIFT token price, which fell to $0.23. This was in line with a 35% decline in Solana’s overall derivatives volume. A lack of new traders entering the market and a cascade of liquidations of leveraged positions put the token under severe pressure.
Even with the drop, DRIFT maintained a market cap of around $96.7 million, reflecting its relatively strong adoption within the Solana DeFi ecosystem. However, a significant fall in protocol revenue weakened the token’s underlying fundamentals.
Frequently Asked Questions (FAQ)
Why did so many altcoins crash in November 2025?
The widespread decline was caused by a combination of factors, including overall bearish market conditions, massive selling pressure from early investors, and falling on-chain trading volumes. Sector-specific issues, such as the downturn in the NFT and DeFi derivatives markets, also played a major role.
Is investing in altcoins riskier now?
Altcoins are inherently more volatile than established cryptocurrencies like Bitcoin. The events of November, where many assets lost over 50% of their value in a single month, underscore this risk. Investors should be prepared for high volatility and understand that altcoins are more sensitive to negative market sentiment and shifts in liquidity.
When can we expect altcoins to recover?
Historically, a broad altcoin recovery often follows a period of stabilization in Bitcoin’s price, coupled with a return of investor confidence and an increase in trading volume. However, there is no guaranteed timeline for a recovery, and the performance of individual projects will vary based on their specific fundamentals and market niche.
