DePIN crypto market cap down 83% from all-time high

The total market capitalization of the Decentralized Physical Infrastructure (DePIN) sector has plummeted by 83% from its all-time high, CryptoRank reported on X. The sector, which reached a market cap of $20.2 billion in March 2024, has since fallen to $3.46 billion. The market cap has also declined by 23% since the beginning of the year. CryptoRank described the DePIN sector as the weakest among the major crypto narratives.