CryptoRank data shows the sector has fallen from a record $20.2 billion and is down about 23% since the start of 2026, making it one of crypto’s weakest-performing major narratives.
DePIN’s total market capitalization has dropped to $3.46 billion from a record $20.2 billion in March 2024, marking a cumulative drawdown of about 83%, based on CryptoRank data. The sector has also fallen about 23% since the start of 2026, leaving it among the weakest-performing major crypto narratives. The figures underscore how quickly thematic sectors in digital assets can lose momentum after periods of strong investor attention.