TON, AERO, OP Holders Face Losses—Can Altcoin Market Recover?

The crypto market turned into a grinder, chewing up altcoin holders and spitting out losses.

Recent analysis from IntoTheBlock, showed a harsh truth: 96% of traders holding TON crypto are down, 97% of Aerodrome Finance (AERO) investors are hurting, and 98% of Optimism (OP) holders are in the hole.

That’s a market cap hit of billions, with CoinMarketCap pegging the total crypto pile at $2.5 trillion on the same day.

But here’s the kicker—on-chain data hints these altcoins might be tougher than their prices let on.

IntoTheBlock’s latest figures showed that TON crypto has 96% of its wallets underwater.

AERO’s at 97%. OP’s clocking 98%. Polygon (MATIC) and Worldcoin (WLD) scrape by—only 1% of their holders see green, leaving 99% in the red.

Axie Infinity (AXS) takes the crown for misery—every single holder, 100%, has lost big chunks, per the March 13, 2025, data, a wipeout across the board.

The price tags told the same story a day ago. TON crypto, AERO, as well as MATIC lost value over the past week.

That said, each coin is starting to show some recovery, having gained value in the last 24 hours.

WLD was the real casualty—92% gone year-on-year, crashed to a new low on March 11, 2025.

Bitcoin is currently holding the spotlight, its dominance at a four-year peak, per CoinMarketCap.

Altcoin On-Chain Activity and Fundamentals

Despite the steep altcoin losses, some on-chain metrics suggest that some of these tokens still have some solid fundamentals.

According to IntotheBlock, Aerodrome Finance has seen active addresses drop by about half since its peak during the so-called “Base season.”

Yet, its transaction volume remains steady. This steady volume indicates that network engagement is still ongoing even with fewer active users.

Optimism shows a similar pattern. User activity is at its lowest since 2023, but the high number of transactions suggests that the network remains active.

Macro factors continue to exert pressure on the market. Despite some bullish signs, such as an executive order to establish a strategic Bitcoin reserve and new ETF filings, broader concerns persist.

A trade war triggered by former President Donald Trump and ongoing recession fears have weighed heavily on the market.

These factors contribute to the steep losses observed across the altcoin landscape.

As the market continues to navigate a mix of internal and external pressures, only time will tell if these altcoin tokens can bounce back.

While earlier the data painted a sobering picture, all might not be lost as the coins approach recovery. Whether sustained or otherwise, remains to be seen.

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