As someone who’s been deep in the crypto game for years, sharing my thoughts on my personal blog, I’ve seen markets swing wildly. November 2025 was no exception—the altcoin space got hammered, with some tokens tanking over 70% in just 30 days. Drawing from the latest data, it’s clear that low liquidity, fading hype, and broader market pressures hit these projects hard. If you’re an investor eyeing opportunities or just trying to understand the chaos, let’s dive into the top 10 altcoins that took the biggest hits this month. I’ll keep it straightforward, highlight key factors, and throw in some personal takes on what this means moving forward.
1. LooksRare (LOOKS)
LooksRare stands out as a decentralized NFT marketplace challenging giants like OpenSea, rewarding active users along the way. But November was brutal: LOOKS dropped 79.08%, landing at around Rp31.52. From my experience, the global NFT trading volume has been sliding since Q3 2025—down 41% per CryptoSlam—which really dragged this token down. Blue-chip NFT sales slowed, staking activity dipped over 30%, and with a market cap now at IDR31.2 billion, it’s in risky territory. In a market sour on NFTs, LOOKS felt the full force of negative sentiment.
2. Fwog (FWOG)
Fwog burst onto the scene as a Solana-based meme token that went viral earlier in 2025. After a strong rally last quarter, it corrected sharply by 68.79% this month, hovering at IDR118.2. Whales cashing out profits played a big role here, and with volatility spiking over 160% via SolanaFloor data, it’s a classic example of meme coin risks. Still, its IDR115.42 billion market cap shows a loyal community hanging in there, but in a cooling meme market, these speculative bets can turn sour fast.
3. Perpetual Protocol (PERP)
Perpetual Protocol offers decentralized perpetual futures without middlemen, but it wasn’t immune to the downturn. A 67.03% drop left it at Rp1,240, amid a 28% fall in global DeFi derivatives volumes from CoinGecko. Tight liquidity and higher funding costs pushed traders away, while open interest plummeted 35% per Dune Analytics. Facing stiff competition from dYdX and GMX, PERP’s IDR90.96 billion market cap highlights the challenges in a bearish derivatives landscape—something I’ve warned about in volatile times.
4. Clearpool (CPOOL)
Clearpool focuses on decentralized lending for institutions via unsecured asset pools. It shed 61.01% to reach IDR756.1, driven by waning demand after DeFi defaults earlier in the year heightened credit risks. Even with a solid IDR626.27 billion market cap, liquidity inflows dropped 45% month-on-month according to DefiLlama. Fewer new loans and big lenders pulling out fueled the sell-off—a reminder that even strong projects can stumble when trust erodes.
5. Synthetix (SNX)
Synthetix lets users create synthetic assets like stocks and commodities on-chain, a staple in DeFi. November saw a 60.00% decline to IDR9,467, following a 38% drop in Synthetix Perps activity. As demand for synthetics waned in a bear market, SNX’s utility took a hit. Its IDR3.26 trillion market cap still screams relevance, but a 27% revenue dip from TokenTerminal and market makers exiting added pressure.Large caps aren’t invincible, as this shows.
6. Story (IP)
Story Protocol tokenizes intellectual property for Web3 monetization, but after early buzz, IP fell 58.52% to IDR37,676. Retail exits followed a 50% drop in on-chain minting, signaling hype fatigue. With an IDR12.63 trillion market cap, it’s scaled big, yet daily and weekly drops (1.25% and 25.49%) point to ongoing sales. I’ve seen tokenization trends come and go; short-term revenue struggles often lead to these corrections.
7. Metaplex (MPLX)
Metaplex powers Solana’s NFT creation and publishing, foundational to the ecosystem. It crashed 58.13% to Rp1,471, mirroring a 32% Solana NFT volume decline from Helius. Fewer creators and listings ramped up selling, plus fee changes and royalty debates didn’t help. At IDR830.3 billion market cap, it’s core to Solana, but a 75.81% monthly plunge from highs marks a tough period—NFT winters are real.
8. Jito (JTO)
Jito provides liquid staking on Solana with MEV boosts for extra yields. A 57.90% drop to IDR7,642 aligned with Solana’s APY falling from 8.1% to 6.4%, dimming incentives. Its IDR3.1 trillion market cap positions it as a top LST, but an 85.74% yearly correction and rivals like Marinade intensified pressure. Staking shifts can quickly erode value in competitive spaces.
9. Drift (DRIFT)
Drift enables leveraged trading via decentralized perpetuals on Solana. It declined 57.28% to IDR3,484, tied to a 35% drop in Solana derivatives volumes per Coinalyze. New trader scarcity and liquidations weighed heavy, though its IDR1.45 trillion market cap reflects decent adoption. Revenue slumps made fundamentals shaky—leverage amplifies downsides in bears.
Related: US Job Market Crisis Raises Stakes for Crypto Prices in December and January
10. Pixelverse (PIXFI)
Pixelverse builds a Web3 gaming world with tokenized characters and economies. It suffered the worst: a 97.13% nosedive to Rp1.6681, nearly wiping out its cap. Plunging in-game transactions (over 90%) and roadmap hiccups triggered this. Now in extreme risk territory, it’s a stark warning—gaming projects need execution to survive hype cycles.
FAQ: Common Questions About the November 2025 Altcoin Crash
What were the main factors causing so many altcoins to crash in November 2025?
Bearish overall crypto conditions, heavy selling, and shrinking trading volumes were key. Most altcoins lost over 50% in 30 days, amplifying pressures on low-liquidity projects.
Why were DeFi projects hit especially hard?
Tokens like Synthetix (SNX) and Perpetual Protocol (PERP) dropped over 60% due to reduced on-chain activity and rising leverage risks in a cautious market.
Even big market cap altcoins like Synthetix (SNX) plummeted—why?
With its IDR3.26 trillion cap, SNX still faced weakening sentiment and DeFi demand drops. Liquidity issues made corrections steeper across the board.
How risky is investing in altcoins during a bear market?
Very—volatility spikes, and drops like LooksRare’s 79.08% show how sensitive they are to negativity. Always diversify and research thoroughly.
When might the altcoin market recover?
Typically after Bitcoin stabilizes, volumes rise, and sentiment improves. But recoveries vary; history shows no guarantees—patience is key.
For more in-depth crypto analysis and investing tips, check out my blog at PhoCrypto. Stay smart out there!
