Price volatility is the norm in crypto markets, but last week saw the price of decentralized finance (DeFi) project Iron Finance’s Titanium (TITAN) token plummeting — from US$64.19 to zero — in a single day.
Even American billionaire investor Mark Cuban — who had endorsed TITAN in a blog post just days before — was not left unscathed by the token’s crash, taking to Twitter to say “I got hit like everyone else. Crazy part is I got out, thought they were increasing their [total value locked] enough. Than Bam.”
“BTW I wasn’t a backer. I was a liquidity provider. I made money in one [liquidity pool] and then lost money during the bank run on the a second,” said Cuban in another tweet replying to American economist Steve Hanke. Earlier, Hanke had tweeted: “#DeFi tokens are the latest cryptos to take a nose dive. Like @mcuban-backed #TITAN, more and more cryptos will bite the dust and reveal that they are nothing more than highly speculative assets with fundamental values of ZERO!”
Before Titan token’s dramatic collapse, Iron was seeing exponential growth in total value locked, rising from US$30 million on May 20 to US$1.2 billion on June 12.