The past week has been challenging for the cryptocurrency market, with some tokens facing dramatic declines. While Bitcoin and Ethereum have struggled under macroeconomic pressure, certain altcoins have plummeted remarkably, with one meme-coin platform losing over 75% of its value in just days.

Here's a look at the five cryptocurrencies that suffered the most significant losses in the past week, ranked according to their downturns, along with the reasons behind their declines.

1. MemeCore ($M)

Leading the list of losses is MemeCore, whose value plummeted by an astounding 75.75% over the past week. Currently trading at approximately $0.6894, the market cap stands at around $909 million. Interestingly, it has seen a slight rebound of 16% in just one day a minor dead-cat bounce after severe declines.

This situation exemplifies a classic thin-liquidity crash. On Wednesday evening, MemeCore's price nosedived from $3 to $0.50 in under half an hour, primarily due to low trading volumes and heavy insider ownership. Warning signs were evident from the beginning, as a small group of insiders held the majority of the supply, raising concerns of market manipulation, limited trading volume, and restricted exchange listings.

While the specific trigger for the drop remains unclear, the mechanics are evident. With minimal buying demand, it didn’t take much activity to deplete MemeCore's market liquidity. On a positive note, the subsequent collapse liquidated almost $8 million in long positions, and signs of stabilization are appearing around the $0.65 mark.

2. Ethena ($ENA)

A close second in terms of poor performance, Ethena's ENA token experienced a difficult week, dropping 63.58%. Currently priced at about $0.07270 and with a market cap of $675.7 million, ENA has also faced a drop of 8.20% for the day.

The challenges for ENA are primarily structural, linked to token unlocks. A significant portion of its supply has already been released, creating sustained selling pressure that hampers price recovery. Demand remains a critical issue; Ethena needs to demonstrate that its growth translates into real token demand. Until then, the outlook for ENA is shaky.

However, there are positive developments underway. Ethena's associated project, StablecoinX, has successfully merged with TLGY Acquisition Corp and is set to launch trading on Nasdaq under the ticker USDE, enhancing its stablecoin infrastructure.

3. Mantle ($MNT)

Following closely is Mantle, which experienced a decline of 56.08%. Trading at around $0.4224, Mantle has a market cap of approximately $1.39 billion and was among the most significant losers of the day, dropping 13.19% within 24 hours.

As the market faces persistent challenges, it will be interesting to see if these cryptocurrencies can stabilize and recover in the upcoming weeks.