The Cryptocurrencies to Avoid Next Week
The cryptocurrency market remains turbulent, with increased volatility and uncertainty. Finbold has identified five cryptocurrencies that you should steer clear of in the upcoming week due to their shaky fundamentals and elevated volatility.
Helium (HNT)
HNT, the native token of the Helium network, has experienced heightened volatility and struggles to maintain its gains. Despite positive developments such as its listing on Coinbase and adoption on the Solana network, concerns about the network’s management persist. HNT is currently trading at $1.54, with a weekly correction of over 8%.
Floki (FLOKI)
Floki has seen a substantial decline in value and faces questions about its utility. Despite recent partnerships, the meme cryptocurrency is struggling in the bearish market. Floki is currently valued at $0.000016, reflecting weekly losses of approximately 4%.
Kadena (KDA)
KDA, a proof-of-work blockchain, has struggled to maintain its recent gains. Questions have arisen about its slower growth compared to other crypto projects. KDA is currently valued at $0.45, with weekly losses exceeding 11%.
Enjin Coin (ENJ)
ENJ is a key player in the NFT revolution, but it has exhibited increased volatility. The sector’s overall decline and concerns about security, privacy, and long-term incentives contribute to caution when approaching ENJ. It is currently trading at $0.23, with weekly losses of almost 5%.
GMX (GMX)
GMX is designed for efficient value transfers within the Ethereum network but lacks essential fundamentals for a potential price rally. Considering the prevailing market depression, caution is advised when considering an investment in GMX. It is currently trading at $33.07, with a correction of over 10% in the past seven days.
Hot Take:
The cryptocurrency market is highly volatile, and circumstances can change rapidly. While these five cryptocurrencies should be avoided next week due to their volatile nature and shaky fundamentals, it’s important to stay informed and monitor the market for any potential shifts.
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