Topline

In the latest sign of peak cryptocurrency mania subsiding, a token backed by billionaire Mark Cuban crashed down to zero dollars Tuesday, joining a slew of other hyped-up cryptocurrencies that have crashed over the past month after frenzied trading drove the market to meteoric price highs this year.

Key Facts

A wave of panic selling Wednesday morning drove the price of Iron Titanium, a token Cuban disclosed he owned earlier this week, from a Wednesday high above $64 to less than 0.01% of a penny by Thursday morning after some of its biggest investors started selling the token at high volumes, spooking individual investors and triggering the massive selloff.

Though much more gradual, the prices of several other tokens sporting multi-billion-dollar market capitalizations have similarly crashed over the past month amid a broader crypto-market rout.

After skyrocketing to a $45 billion market cap and becoming
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