3 Cryptocurrencies to Avoid Trading Next Week
Knowing which cryptocurrencies to invest in can lead to gains in the cryptocurrency market, but it’s equally important to know which ones to avoid. Finbold has analyzed the crypto market and identified three digital assets that traders and investors should avoid in the next week. While these projects may not necessarily be “bad” or “good,” the current market conditions are not ideal for high-risk exposure to them.
Pepe (PEPE)
– PEPE investors are concerned as the team behind Pepe transferred a large amount of PEPE tokens to four exchanges.
– PEPE is a meme coin that experienced a speculative price surge earlier this year.
– The team’s transaction poses a threat to PEPE’s price in the coming days.
Avalanche (AVAX)
– Avalanche unlocked a significant amount of AVAX tokens, which accounts for 2.77% of the circulating supply.
– The market is already pricing in the potential effects of this increase in supply, leading to weekly losses for AVAX.
BNB Chain (BNB)
– Over $30 million has been liquidated in BNB as the native token of BNB Chain has plummeted.
– There are still a significant number of BNB tokens in the vault on the Venus Protocol, belonging to a missing hacker.
– BNB’s price could trigger further losses if it drops by 9%.
While it’s advisable to avoid trading these cryptocurrencies for now, market conditions can change quickly. It’s essential to stay informed, observe market sentiment, and conduct thorough research before making any investment decisions.
Disclaimer: This content is not investment advice. Investing is speculative, and there is a risk of capital loss.
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