The year 2022 was one of the most challenging periods in cryptocurrency history—a relentless bear market that wiped out trillions in market capitalization. Amid widespread losses, a few digital assets managed to stand out, either through surprising resilience or dramatic collapses. This article explores the top five biggest gainers and losers in the crypto space during 2022, analyzing their performance, underlying fundamentals, and key events that shaped their trajectories.
Whether you're assessing past trends for future investment strategies or simply understanding market dynamics, this breakdown delivers valuable insights into how macro events, protocol developments, and community sentiment can drastically influence token prices.
📈 Top 5 Biggest Crypto Gainers in 2022
Despite the broader market downturn, some cryptocurrencies demonstrated strong momentum—either through strategic developments, ecosystem growth, or unexpected market movements.
1. Trust Wallet Token (TWT) – +87.52%
Trust Wallet Token emerged as the top performer of 2022, delivering an impressive return of nearly 88% despite the overall bearish environment.
According to CoinMarketCap data, TWT saw explosive growth in the second half of the year, with its price briefly surging over 308% at one point. A major catalyst came in November following the FTX collapse, when Binance CEO Changpeng Zhao (CZ) tweeted a strong recommendation for users to switch to self-custody wallets. This sparked a surge in Trust Wallet adoption—and by extension, demand for TWT.
👉 Discover how self-custody wallets are reshaping user control in crypto
The token rallied sharply, gaining 70% in November alone, although it pulled back significantly in December. Still, its year-end performance remained strongly positive—a rare feat in 2022.
Core Drivers:
- Increased demand for non-custodial solutions
- High-profile endorsement from industry leaders
- Growing integration within Binance’s ecosystem
2. GMX – +84.6%
GMX, a decentralized perpetual contract platform operating on Arbitrum and Avalanche, ranked second among gainers with an 84.6% increase.
Its upward trajectory began in June and continued through much of the summer. While it also declined in late December, GMX maintained strong fundamentals throughout the year. According to DefiLlama, it became the largest protocol on Arbitrum by Total Value Locked (TVL)—growing its TVL to four times its January levels.
GMX's success stemmed from its unique model: traders provide liquidity to a shared pool while earning fees from swaps and leveraged trades. This structure proved resilient even during extreme volatility.
Even as many DeFi protocols bled users and capital, GMX retained strong engagement—making it a standout performer in a struggling sector.
3. OKB – -10.46%
OKB, the native utility token of OKX exchange, didn’t avoid losses entirely but showed remarkable recovery strength compared to peers.
It plunged 57.6% in the first half of 2022 but rebounded strongly in the second half. From June onward, OKB posted a staggering 114% rally, nearly erasing earlier losses and ending the year down just 10.46%—a minor setback in a market where double-digit declines were common.
One notable spike occurred mid-December when Elon Musk briefly followed the official OKX Twitter account—an event that triggered a sudden price surge. Though Musk later unfollowed, the incident highlighted how social sentiment can impact even established tokens.
👉 Learn how exchange tokens are evolving beyond simple fee discounts
4. TRON (TRX) – -28.62%
TRON held up relatively well compared to other major blockchains, closing 2022 with a loss of just under 29%.
The network benefited from increased visibility after founder Justin Sun took operational control of Huobi Global. Additionally, TRON played a pivotal role during the FTX crisis by offering withdrawal solutions for affected users holding TRC-20 tokens.
While these efforts didn’t translate into significant price appreciation, they reinforced TRON’s reputation as a reliable infrastructure player—particularly for fast, low-cost transactions.
5. Monero (XMR) – -41.84%
Monero, a privacy-focused cryptocurrency, experienced a volatile year with drops in January and June, followed by a strong July rally before stabilizing.
A key milestone occurred on June 8, 2022: Monero completed its full emission schedule. With no more block rewards, the network transitioned fully to a "Tail Emission" model—issuing a small fixed amount of new XMR per block to incentivize miners and maintain network security.
This shift ensures long-term sustainability without compromising decentralization or inflation controls—an important precedent for privacy coins navigating post-mining eras.
📉 Top 5 Biggest Crypto Losers in 2022
While some projects defied the odds, others faced catastrophic declines—driven by failed algorithms, exchange collapses, or systemic failures.
1. Terra Classic (LUNC) – -99.99%
Once a top-10 cryptocurrency by market cap, Terra Classic (formerly LUNA) suffered near-total destruction in May 2022.
The collapse of its algorithmic stablecoin UST triggered a death spiral that erased over $40 billion in value** within days. At its peak in January, LUNA traded at around **$89; by year-end, LUNC had crashed to $0.0001449—a loss of virtually all value.
Despite the crash, LUNC retained a surprising market cap ranking—hovering around #40 globally—due to lingering community support and speculative trading activity.
2. FTX Token (FTT) – -98.12%
FTT, the native token of Sam Bankman-Fried’s now-defunct exchange FTX, plummeted 98.12% after the platform’s implosion in November.
Prior to the collapse, FTT had already declined about 40%, trading around $26. But once allegations of fund misuse surfaced and liquidity dried up, confidence evaporated overnight.
Though Bahamian authorities claim to be safeguarding some user assets, FTT’s utility has largely disappeared—and its future remains highly uncertain.
3. Solana (SOL) – -94.42%
Solana faced a brutal year on multiple fronts: general market downturns, repeated network outages, and heavy association with FTX and SBF.
Its TVL crashed from $66.8 billion to just $2 billion, and sentiment turned sharply negative—with some declaring “Solana is dead.” However, others, including Ethereum co-founder Vitalik Buterin, suggested that the exit of speculative actors could give Solana a chance to rebuild on stronger foundations.
Still, with developer activity slowing and user growth stalling, SOL ended 2022 down 94.42%.
4. Convex Finance (CVX) – -93.6%
Convex Finance struggled with both technical issues and market sentiment. The protocol faced vulnerabilities in March and June 2022, contributing to a steep decline from $22 to $4 between May and June.
By year-end, CVX stabilized around $3, but failed to recover lost ground—ending with a 93.6% loss.
As a yield-optimizing layer for Curve Finance, Convex is highly sensitive to broader DeFi conditions—making it vulnerable during bear markets.
5. The Sandbox (SAND) – -93.59%
The metaverse hype that fueled SAND’s rise in 2021 unraveled completely in 2022.
Trading volume for virtual land NFTs—and interest in metaverse projects like Decentraland and Voxels—plummeted. SAND’s price reflected this decline: it spent most of the year in freefall, with only three months showing minor gains.
Investor fatigue, lack of real-world adoption, and broader skepticism toward Web3 gaming contributed to its downfall.
Frequently Asked Questions (FAQ)
Q: Why did TWT perform so well despite the bear market?
A: TWT benefited from increased adoption of self-custody wallets after the FTX collapse. CZ’s public endorsement significantly boosted awareness and demand for Trust Wallet and its native token.
Q: Is LUNC still relevant after losing 99.99% of its value?
A: While technically inactive compared to Terra 2.0, LUNC retains a dedicated community and speculative interest. However, it carries extremely high risk due to lack of utility and ongoing inflation from burn mechanisms.
Q: Can GMX sustain growth in future bear markets?
A: GMX’s strong fundamentals—such as high TVL and fee-generating mechanics—make it well-positioned for continued relevance if decentralized derivatives trading regains momentum.
Q: What caused Solana’s repeated outages?
A: Solana’s network congestion issues stem from its high-speed architecture prioritizing throughput over stability. Combined with validator centralization concerns, this led to multiple downtime events in 2022.
Q: Why did OKB outperform other exchange tokens?
A: OKB’s strong recovery was driven by OKX’s proactive expansion into DeFi and Web3 services, along with temporary social media-driven pumps like the Musk-related spike.
Q: Is Monero still secure after full emission?
A: Yes. The Tail Emission model ensures miners continue receiving rewards (1 XMR per block), maintaining incentives for network security without introducing excessive inflation.
Final Thoughts
The 2022 crypto landscape was defined by extremes: unprecedented collapses and unexpected rallies. While tokens like TWT and GMX showed that innovation and timing can overcome bearish tides, others like LUNC and FTT serve as cautionary tales about overreliance on centralized actors and flawed economic models.
For investors moving forward, the key takeaway is clear: focus on sustainable ecosystems, transparent governance, and real-world utility—not just price momentum.
👉 Explore secure platforms to monitor your crypto portfolio performance
As we look toward future cycles, understanding these patterns will be essential for navigating volatility and identifying tomorrow’s winners before they emerge.
Keywords: crypto gainers 2022, crypto losers 2022, TWT price surge, LUNC crash, GMX DeFi growth, OKB performance, Solana decline, Monero emission