Investing in Cryptocurrencies: Which Ones to Avoid Next Week?
Investing in cryptocurrencies and trading crypto can be risky, given the experimental nature of this financial ecosystem in a borderless market that never sleeps. While it’s important to know which projects to buy, it’s equally crucial to identify the ones to avoid in order to prevent significant losses.
Pepe (PEPE)
One cryptocurrency that should be avoided is Pepe (PEPE), a memecoin that experienced a loss of over $100 million in market cap. Since Finbold listed it as a cryptocurrency to avoid trading on August 28, its price dropped as low as $0.0000006 on September 21.
Additionally, Tron (TRX), THORChain (RUNE), LeverFi (LEVER), and Aragon (ANT) are considered overbought. While it may be safer to avoid buying these cryptocurrencies, conducting a thorough analysis considering other factors is necessary.
Mixin (XIN)
Mixin Network’s cloud service provider was recently hacked, resulting in the loss of more than $200 million worth of digital assets. As a result, the token XIN has experienced a decline of over 25% in value over the past week.
The Mixin team claims that losses were lower than expected, but an announcement on X (formerly Twitter) still advises traders and users not to use the network for transactions or market making. Therefore, XIN makes it onto the list of cryptocurrencies to avoid buying next week.
Hot Take: Proceed with Caution
When investing in cryptocurrencies, it’s essential to exercise caution and conduct thorough research before making any decisions. The crypto market is highly volatile, and while some projects may seem promising, others can lead to significant losses. Stay informed, keep an eye on market trends, and consider multiple factors before investing your capital.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and there is a risk of losing your capital.
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