Despite a fairly successful rebranding launch yesterday, Lisk (LSK) has plummeted on the crypto market today, suffering major losses.
At the time of writing, Lisk is the biggest loser within the top 20 cryptocurrencies. The altcoin’s current selling price is $22.07, which puts it down 14.21% in the past 24 hours.
Lisk is currently rated as the 17th largest cryptocurrency with a market cap of $2.3 billion. For a brief moment yesterday, Lisk managed to outrank both TRON (TRX) and VeChain (VEN) and move up to the 15th largest crypto spot, but it has since lost its footing and returned to number 17.
In the last seven days, Lisk was growing up until the 17th of February. Since then, LSK has been steadily declining, as can be seen in the chart below. There was a slight peak yesterday, at some point during the coin’s rebranding event, when the coin managed to hit within the $30 range.
Considering it just went through a huge rebrand, it is surprising that Lisk is suffering today. Perhaps investors need some time to adjust to the changes. For now, Lisk’s new website design is considerably better than what it was previously and tells a much better story about what Lisk is and what it’s going to do – making blockchain applications easy and accessible for everyone.
Long-term speculation will see the rebranding help to move Lisk up the ranks and it may very well be its year.
Most of crypto is struggling today, possibly due to news about Bitcoin, so Lisk isn’t alone in its troubles. Hopefully, the markets will recover soon and Lisk along with it.
Featured image: Lisk