Three Risky Cryptocurrencies to Avoid in October
Investing in cryptocurrencies can be highly volatile and risky, as previous bull markets have demonstrated. With recent declines in the crypto market, it’s crucial for investors to exercise caution. In this article, we’ll discuss three ultra-risky cryptocurrencies that should raise red flags for potential investors in October.
WEMIX (WEMIX)
WEMIX, the native token of the WEMIX mega-ecosystem, has experienced significant volatility over the past year. While it saw some gains recently, the risks associated with this cryptocurrency outweigh the benefits. WEMIX’s 30-day volatility is considered extremely high at 27.67%. The token’s price has also dropped by over 45% in the past year and underperformed 75% of other top crypto assets during that period. Additionally, it has a yearly inflation rate of more than 158%. Currently, WEMIX is trading at $1.01.
Worldcoin (WLD)
Worldcoin is an AI crypto project that uses eyeball scanning to determine “personhood” and prevent robotic activity. Despite getting listed on major exchanges like Binance, Huobi, and OKX, skepticism surrounds this project due to its approach to biometrics and its unavailability in the US. Moreover, details about WLD’s token distribution are lacking. The token’s 30-day volatility is nearly 18%, classified as very high. Only 1% of WLD’s total supply is currently in circulation. At present, WLD is valued at $1.56.
APE
APE is an Ethereum-based crypto token associated with the Bored Ape Yacht Club NFT Collection. After initially reaching $26.7 following its launch in March 2022, APE has experienced a sharp decline along with the broader NFT market. Over the past year, it has plummeted almost 80% and underperformed 97% of the top 100 cryptocurrencies. APE is currently trading below its 200-day simple moving average and is down 96% from its all-time high. Its volatility stands at over 6.5%. Currently, APE is priced at $1.06.
Hot Take: Be Cautious with Risky Cryptocurrencies
When it comes to investing in cryptocurrencies, it’s crucial to be aware of the risks involved. WEMIX, Worldcoin, and APE are three examples of ultra-risky cryptocurrencies that should give potential investors pause. Their high volatility, significant price drops, and underperformance compared to other assets in their respective markets make them risky propositions. If you’re considering investing in cryptocurrencies, conduct thorough research and carefully evaluate the potential risks and rewards.
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