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Crypto Mines: 7 Sketchy Coins That Could Wipe Out Your Wealth

TokenTrends Staff

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cryptos to sell - Crypto Carnage Ahead? 3 Tokens to Dump Before the Bloodbath

While few sectors offer the exponential upside potential of the cryptocurrency market, not every idea is a winner, which brings us to the cryptocurrencies to avoid. I’m not here to criticize pet projects – do what you want with your money. That said, you need to understand the risks.

Virtual currencies – no matter how much attention high-grade coins and tokens have received – are incredibly risky. Due to the lack of extensive oversight and regulation, cryptocurrencies can be extremely volatile. This applies to both rises and falls, which makes it difficult to find your way around the sector.

By logical deduction, the further you stray from established names, the more likely you are to encounter problems. For example, it is not so uncommon for speculators to lose everything due to carpet pulling in the crypto space and other scams.

In this wild world, you have to look for number one. With this in mind, below are cryptocurrencies to avoid.

Shiba Inu (SHIB-USD)

Source: Shutterstock

One of the most popular virtual currencies, Shiba Inu (SHIB-USD) has a loyal investor base. For those who know what they are doing, SHIB could be intriguing. However, just as a financial advisor would not recommend Forex trading to a beginner, I cannot in good conscience say that you should invest serious money in working with Shiba Inu.

Yes, it’s classified as number 11 in terms of market capitalization. It’s an impressive achievement, period. However, the problem is the dramatic variation in movement. For example, the gap between the 52-week high and low is almost 700%. If you were on the wrong side of this trade, you would have lost more than 87%. It would be extremely difficult to recover from such a loss.

It’s also worth pointing out that the high-low gap over the past 30 days has been nearly 59%. This is great if you are a disciplined veteran trader. But if you were on the wrong side of this trade, you would have a 37% loss.

With technical analysts warning of a possible failureSHIB is one of the cryptocurrencies to avoid for beginner investors.

Decentralized (MANA-USD)

Screenshot of nft ethereum blockchain logo of Decentraland (MANA) cryptocurrency game on laptop, mobile phone

Source: Lichi/Shutterstock.com

During the wild days of 2021, when virtual currencies could seemingly do no harm, I owned a few Decentralized (MANA-USD). I can’t really explain why I bought it because I simply don’t remember the details. Anyway, the price skyrocketed and I felt it was time to get out. Even though MANA is connected to the metaverse via its virtual reality platform, the concept seemed bizarre to me (once I realized what was going on).

Again, for those who know what they are doing, MANA could be an intriguing profession. But even veteran traders are likely interested in Decentraland to get quick scalps. According to CoinMarketCap, MANA’s all-time high was just cents away from $5. Coins currently cost less than 50 cents. Looking at the technical profile, it is unlikely that MANA will be able to return to the highest levels.

Furthermore, with the broader ecosystem undergoing a significant correction, Decentraland is suspect. If weak hands come out of higher level coins and tokens, presumably MANA has little chance. I would take a cautious approach. It is one of the cryptocurrencies to avoid.

Audius (AUDIO-USD)

Concept art for the Audius token (AUDIO).

Source: Shutterstock

A few years ago, I remember Audio (AUDIO-USD) came across my radar as a highly touted virtual currency. It’s a fascinating concept. According to CoinMarketCap, Audius represents a decentralized music streaming protocol. It was “launched to address the inefficiencies of the music industry, plagued by opaque ownership of music rights and intermediaries who stand between artists and their audiences.” says the crypto-centric website.

Long story short, Audius has proposed a holistic way in which creative and innovative musicians can be rewarded for their work. At the same time, fans have exerted influence on this ecosystem, thus eliminating the complex relationships imposed by the contemporary music industry. He had the potential to be disruptive. Unfortunately, investors lost money and that’s really the bottom line.

You can argue all day that we need more decentralization in our lives, not less. Maybe. However, if Audius investor returns are the only thing that is disrupted – and not in a good way – AUDIO, the token has little chance of gaining credibility. Given the current situation, I think it is one of the cryptocurrencies to avoid.

Hexadecimal (HEX-USD)

An aerial shot of a group of popular cryptocurrency tokens;  cryptocurrencies.  Cryptocurrencies to keep an eye on

Source: Shutterstock

Designed in December 2019, the Hex ecosystem looks like a certificate of deposit on the blockchain. For CoinMarketCap“HEX is designed to be a store of value to replace the certificate of deposit as the blockchain counterpart of that financial product used in traditional financial markets.”

The crypto asset also highlights another intriguing attribute of the ecosystem. “HEX allows a user to stake their HEX coins for a share of new HEX coin issuance, or inflation, and contains features designed to incentivize behavior that encourages price appreciation and disincentivize behavior that encourages price damage.”

Specifically, the Hex smart contract “penalizes stakers for terminating their stake early and rewards them for staking larger amounts of HEX for longer periods.” This is the opportunity and the risk. On the one hand, if more people believed in the project, the staking process would yield greater financial rewards.

However, if Hex falls out of favor with investors, that’s it. Your stake could potentially expose you to deeper net losses. Due to the complexity of this project, it is safe to say that for beginners, HEX is one of the cryptocurrencies to avoid.

Floki (FLOKI-USD)

A conceptual image with a bear figure standing on top of cryptographic tokens.

Source: eamesBot/Shutterstock

I have mixed feelings about it Floki (FLOKI-USD). As a popular meme coin, it has significant potential, if only because its supporters don’t take “no” for an answer. Perhaps in any other circumstance, a niche project focused on the name (and breed) of Elon Musk’s dog would be derided as ridiculous. However, when you are in the blockchain, this is a good reason to justify a market cap of $1.6 billion.

Now, I understand that Floki implies much more than just the name. Proponents will argue that Floki offers utility in several ways, including the metaverse and DeFi applications. However, the point remains that this digital token has the same market value as real businesses – businesses that generate revenue and hire people. Said differently, Floki is where he is largely because people believe he will rise.

To be honest, this methodology – generally known as the great fool theory – can be a powerful catalyst in blockchain. However, this also necessarily means that Floki’s rating is weak. It will increase until it doesn’t anymore. For this reason it is one of the cryptocurrencies to avoid for new investors.

Terra Classic (LUNC-USD)

An image of a Terra Classic token (LUNA-USD) on a blue background with an ascending arrow.  LUNC encryption

Source: saran insawat / Shutterstock.com

Originally in development in January 2018, Classic Earth (MON-USD) initially began as a blockchain protocol that uses stablecoins backed by fiat currency to power global payment systems at stable prices, according to CoinMarketCap. It aimed to provide price stability and trust (via fiat peg) while offering lightning-fast transaction settlements.

What made Terra distinct (if not unique) was the fact that a complex algorithm underpinned the docking protocol. It all seemed fine and dandy until a catastrophic release occurred. Essentially, this development exploded the underlying blockchain ecosystem. It also cost investors billions of dollars. Unfortunately, when crypto projects go wrong, there is little to no recourse.

Following the disaster, the original Terra blockchain became known as what it is now, Terra Classic. Despite the turmoil and reputational damage, people continue to trade the asset. Given the extremely low price of LUNC – trading for fractions of fractions of cents – it continues to attract speculators.

My idea? Consider LUNC one of the cryptocurrencies to avoid. Although the original idea was innovative, it proved to be unfeasible. So, there doesn’t seem to be much point with Terra Classic other than wild speculation.

FTX Token (FTT-USD)

FTX logo displayed on a smartphone with a black background and the phone resting on the black keyboard

Source: shutterstock.com/Poetra.RH

You would think that bankruptcy and massive fraud would be enough to scare people away from crimson-stained cryptocurrencies. However, FTX Token (TTF-USD) – which is related to the deceased FTX platform – still trades in the blockchain ecosystem. According to CoinMarketCap, the price as of this writing is $1.47 per token. It boggles the mind.

On the other hand, investors in the fiat world have also speculated on similar circumstances. For example, when the cosmetics giant Revlon declared bankruptcy, many traders bought shares. Of course, that’s a risky idea because, in a bankruptcy proceeding, common stock shareholders are the last in line to receive something in the event of liquidation. However, if a bankrupt public company manages to strike a deal, the stock could skyrocket.

This may be the only reason why some choose to “invest” in FTX tokens. However, CoinMarketCap offers a clear warning: “FTX’s bankruptcy proceedings are ongoing. The FTT token no longer has any use and can be liquidated from assets to pay creditors. Please proceed with caution.”

You can guess my position. It is one of the cryptocurrencies to avoid.

As of the date of publication, Josh Enomoto did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Guidelines for publication.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major deals with Fortune Global 500 companies. In recent years he has provided unique and critical insights to the investment markets, as well as various other industries, including legal, construction and healthcare management. Tweet it to @EnomotoMedia.

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We are the editorial team of TokenTrends, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTrends, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Pepe Investors Seek New Rewards From Rival Token Mpeppe (MPEPE) at $0.0007

TokenTrends Staff

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Pepe Investors Seek New Rewards From Rival Token Mpeppe (MPEPE) at $0.0007

As the cryptocurrency market continues to expand, investors are constantly looking for new opportunities to maximize their returns. Pepe (PEPE), a meme coin inspired by the iconic Internet character Pepe the Frog, has been a staple in the meme coin arena. However, recent developments have shifted some investors’ attention to a promising new competitor: MPEPE (MPEPE). Currently trading at $0.0007, Mpeppe is attracting significant interest from those looking to diversify and capitalize on the next big thing.

Pepe’s appeal (PEPE)

Pepecoin (PEPE) has carved out a significant niche for itself in the cryptocurrency market, largely due to its vibrant community and roots in internet meme culture. Drawing inspiration from the popular meme character Pepe the Frog, Pepe (PEPE) has captured the attention of cryptocurrency enthusiasts and meme enthusiasts alike. This fusion of humor and community spirit has been instrumental in its rise within the cryptocurrency space.

The continued success of Pepecoin (PEPE) can be attributed to its active and dedicated community. Holders of the coin are known for their enthusiastic promotion on social media platforms, which helps maintain its visibility and popularity. This strong community support has been instrumental in sustaining Pepe (PEPE)’s momentum and driving its market performance. Recent whale activity, such as a massive transfer of 9 trillion PEPE tokens valued at $82 million to Bybit, further highlights the coin’s potential for significant price movements driven by large-scale transactions.

Mpeppe (MPEPE): the rising star

Mpeppe (MPEPE) differentiates itself by merging the realms of sports and cryptocurrency. Drawing inspiration from soccer sensation Kylian Mbappé and leveraging the legacy of the Pepe (PEPE) meme coin, Mpeppe offers a unique appeal that resonates with both sports fans and cryptocurrency investors. This innovative fusion is attracting a diverse and engaged audience, fostering a vibrant community around the token.

A large ecosystem

Differentiating itself from typical meme coins, Mpeppe (MPEPE) features a robust ecosystem that includes gaming and sports betting platforms, NFT collectibles, and social interaction features. These utilities provide real value to users, creating multiple channels for engagement and investment. This comprehensive approach positions Mpeppe as more than just a meme coin, offering a richer and more engaging experience for its users.

Investment Potential of Mpeppe (MPEPE)

Strategic Tokenomics

Mpeppe (MPEPE) has been strategically priced at $0.0007, making it accessible to a wide range of investors. Tokenomics is designed to support long-term growth, with allocations for presales, liquidity, and sports activities. This strategic distribution ensures stability and promotes community engagement, positioning Mpeppe for substantial growth.

Analysts’ optimism

Market analysts are optimistic about the potential of Mpeppe (MPEPE). The coin’s innovative approach, strong community, and strategic partnerships are expected to drive significant price increases. Early investors stand to benefit from substantial returns as Mpeppe gains traction in the market. Analysts note that Mpeppe’s combination of utility and community engagement positions it well for future growth, especially as the cryptocurrency market continues to evolve.

The impact of similar competing businesses

Driving Innovation

Competition between similar assets such as Pepe (PEPE) and Mpeppe (MPEPE) is a catalyst for innovation. Each project strives to outdo the other, resulting in continuous improvements and new features. This dynamic competition benefits investors, offering them better and more advanced products.

Market diversification

Having multiple competing assets in the market promotes diversification. Investors have more options to choose from, which can help spread risk and potentially increase returns. The presence of strong contenders like Pepe (PEPE) and Mpeppe (MPEPE) ensures a vibrant and resilient crypto ecosystem.

Increased market interest

Competition between similar assets also generates increased market interest. As projects compete for attention, they attract more investors and media coverage, leading to increased visibility and adoption. This increased interest can drive further investment and growth in the sector.

The Future of Mpeppe (MPEPE)

Strategic development

Mpeppe (MPEPE) has a clear and ambitious roadmap for the future. Development plans include expanding its gaming and sports betting platforms, launching new NFT collections, and forming strategic partnerships. These initiatives are designed to improve user experience and drive market growth.

Community Growth

The success of Mpeppe (MPEPE) will largely depend on its ability to build and sustain a strong community. By focusing on engagement and providing valuable utility, Mpeppe aims to foster a loyal and active user base. This community-driven approach is expected to play a significant role in its long-term success.

Conclusion: A New Horizon for Meme Coin Investors

In conclusion, while Pepe (PEPE) has established itself as a significant player in the meme coin market, Mpeppe (MPEPE) offers a fresh and innovative approach that is capturing the interest of investors. With its strategic pricing, comprehensive ecosystem, and potential for high returns, Mpeppe (MPEPE) represents an exciting opportunity for those looking to diversify their cryptocurrency portfolios. As always, investors should stay informed and consider multiple factors before making investment decisions. Embrace the potential of Mpeppe (MPEPE) and join the journey to new rewards in the cryptocurrency world.

For more information on the pre-sale of Mpeppe (MPEPE):

Visit Mpeppe (MPEPE)

Join and become a member of the community:

Italian: https://t.me/mpeppecoin

Italian: https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ

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Golem Project Joins ETH Staking Frenzy, Locks Up 40,000 Tokens

TokenTrends Staff

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Golem Project Joins ETH Staking Frenzy, Locks Up 40,000 Tokens
  • The Golem project has moved over $124 million in ETH for staking.
  • Ethereum staking frenzy has increased ahead of the launch of spot ETH ETFs in the US.

Ethereal [ETH]The Project Golem-based distributed computing marketplace has joined the ETH staking frenzy.

On July 11, contrary to its recent sell-off, the company reportedly staked 40K ETH worth over $124.6 million, according to Lookonchain data.

Golem Network has confirmed its Ethereum staking initiative and said its purpose was to “create space” to help participants contribute to the network.

“The Golem Ecosystem Fund is officially launched today! We have staked 40,000 ETH from Golem’s treasury. This will create a space where developers, researchers, and entrepreneurs can bring their ideas to life and contribute to the Golem Network and its ecosystem!”

Ethereum Staking Frenzy

The staking frenzy has infected Ethereum, with just days to go until the potential launch of a spot ETH ETF in the United States. Recently, an unmarked address blocked over 6K ETH.

The Golem project’s decision to lock up 40K ETH on July 11th pushed the total ETH locked up to Chain of lights at an all-time high of 47.5 million ETH, worth over $140 billion based on market prices at press time.

Beacon Chain is Ethereum’s system that manages the validation of new blocks.

Ethereum Staking

Source: Etherscan

According to a recent AMBCrypto relationshipIncreased ETH staking ahead of the debut of the ETH spot ETF in the US has underscored bullish sentiment.

More ETH has been moved from exchanges, further strengthening bullish expectations.

Meanwhile, from a short-term perspective, many addresses were losing at the $3.2K and $3.5K levels. Investors could try to take a profit if they break even.

These prices represent key levels to watch in the short term.

Ethereum StakingEthereum Staking

Source: IntoTheBlock

Next: Why Bitcoin Must Surpass $61K Soon, According to Analysts

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BlockDAG Thrives While Chainlink and FTM Tokens Decline

TokenTrends Staff

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Chainlink Tokens Unlock, Fantom (FTM) Price and Crypto Traders Prefer BlockDAG

As the cryptocurrency space turns bearish, giants like Chainlink and Fantom are facing setbacks with declining trends for LINK and FTM. Amid these changes, BlockDAG emerges as a prime target due to its promising pre-sales and long-term prospects. This Layer-1 project boasts an innovative Low Code No Code ecosystem, attracting investors with potential ROIs exceeding 30,000x. The pre-sales momentum has already accumulated over $57.6 million, driven by growing investor enthusiasm.

Impact of Chainlink’s Recent Token Release

Chainlink’s recent move to release 21 million LINK tokens, worth approximately $295 million, from its dormant supply contracts has significant market implications. This release sent 18.25 million LINK to Binance, fueling speculation that the price will drop. LINK is currently trading at $13.64, approaching its critical support at $13.5, with the potential to drop to $10 if this level breaks.

These releases, increasing the circulating supply above 600 million LINK, have previously maintained price stability, but the prevailing bearish conditions could alter this trend. With 391.5 million LINK pending release, market caution persists.

Fantom (FTM) Market Position Dynamics

Fantom experienced a strong buying spree last November, but its valuation has been challenging lately. After peaking near $1.20 in March, subsequent resistance and profit-taking pushed its price lower. FTM recently dipped below the crucial $0.600 mark but found some ground around $0.500. Fantom is currently valued at $0.559 with a market cap of $1.67 billion and daily trading volume of $257.56 million.

The Fantom Foundation’s decision to award over 55,000 FTMs quarterly to major dApps on the Opera network has invigorated user participation. Indicators such as RSI and MACD suggest a possible bounce if it surpasses the $0.600 mark. Failure to break above the 200-day EMA could prolong the bearish outlook.

BlockDAG Pre-Sale Triumph and Innovative Platform

BlockDAG’s pioneering low-code/no-code platform enables the seamless creation of utility tokens, meme tokens, and NFTs, catering to a broad user base. Its intuitive templates allow enthusiasts to quickly launch and customize projects, thereby democratizing blockchain development and accelerating market entry.

The cutting-edge features of this platform have attracted cryptocurrency investors, significantly increasing the interest in the presale. BlockDAG has successfully raised over $57.6 million, witnessing a 1300% escalation in the coin’s value from $0.001 to $0.014 in its 19th batch. This impressive rise underscores the immense return potential of BlockDAG for early backers.

Additionally, BlockDAG’s commitment to expanding its ecosystem extends to supporting the development of decentralized apps. This fosters a wide range of new projects in the blockchain domain, from digital art platforms to tokenized assets, enriching the blockchain ecosystem.

Key observations

While Chainlink and Fantom are currently navigating bearish trends due to token releases and resistance hurdles, BlockDAG’s innovative low-code/no-code framework positions it as an attractive investment option. With a presale raise of over $57.6 million and prices skyrocketing 1300% in recent batches, BlockDAG shows tremendous potential for returns of up to 30,000x. Amidst the market volatility impacting Chainlink Tokens and Fantom, BlockDAG stands out as a promising avenue for cryptocurrency traders.

Sign up for BlockDAG Pre-Sale now:

Website: https://blockdag.network

Pre-sale: https://acquisto.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: Italian: https://discord.gg/Q7BxghMVyu

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.



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a new era for DEX tokens

TokenTrends Staff

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GoldBrick

The DEX aggregator Anger Trading is about to issue its RAGE token on the new Layer 1 blockchain Hyperliquid. The token sale is scheduled for August 7, with 20 million tokens out of a total supply of 100 million available on Fjord Foundry at a fixed price of $0.30.

Additionally, the “Rage Quit” feature has been introduced, which allows private investors to get their allocation early by accepting a 60% cut.

RAGE will be among the first tokens to be launched on Hyperliquidmarking a significant moment for this new blockchain. Let’s see all the details below.

DEX News Rage Trade: New RAGE Token Arrives on Hyperliquid

As expected, decentralized exchange (DEX) aggregator Rage Trade has announced the issuance of its new token ANGER. The launch is happening through a liquidity generation event and token sale on Fjord Foundry, scheduled for August 7th.

The token will be launched on the newly launched layer 1 blockchain Hyperliquidwhich has rapidly gained popularity due to its decentralized perpetual exchange.

Rage Trade currently aggregates platforms such as GMX, Synthetix, Dydx, Aevo and Hyperliquid, allowing traders to manage their positions across multiple blockchains and earn incentives.

During the event, 20 million RAGE tokens will be sold at a fixed price of $0.30, while another nine million will be used to inject liquidity into Hyperliquid.

Additionally, six million tokens have been reserved for future market making and product development incentives.

The token will have a total supply of 100 million, with 20% earmarked for sale and 30% for community treasury. The latter is subject to a 12-month lock-up period and a 24-month linear release.

The “Rage Quit” feature introduces a deflationary mechanismThis allows private investors and recipients of the air launch to receive their assignment after an initial three-month stalemate, accepting a 60% cut.

Rage Trade has chosen Hyperliquid as the platform for its token after the network became the preferred choice of users of the Anger Aggregatorwith over 1,300 users generating $445 million in volume.

Hyperliquid surpasses dYdX in TVL

Hyperliquid, the exchange decentralized based on Referee, recently introduced a new points program, which has catalyzed significant growth in total value locked (TVL) on the platform.

According to data from DefiLlama, Hyperliquid has reached a TVL of $530 million, surpassing dYdX’s $484 million and reaching a new all-time high.

This figure places Hyperliquid in second place among derivatives platforms, just behind GMX, which maintains a TVL of $542 million.

Rounding out the top five platforms by TVL are Solana-based Jupiter with $415 million and Drift with $365 million. Hyperliquid had a stellar year in 2024, jumping from eighth to second place in just six weeks.

This rapid increase was largely attributed to the new Hyperliquid points program, which launched on May 29.

The points program provides for the distribution of 700,000 points weekly for four months. With an additional 2 million points awarded for activity between May 1 and May 28.

Despite community criticism over the decision to extend the incentive program and delay the token launch and airdrop, the platform has continued to attract numerous traders.

From Perpetual DEX to Layer 1

Steven, founding member of Capital Yuntwhich has backed some of the largest cryptocurrency firms, including Zerion, noted that Hyperliquid has distributed approximately 51 million points in four periods.

He further stressed that the project aims to reward its early adopters and move from simply being a perpetual DEX to a true Layer 1:

“The team is clearly making an effort to communicate that Hyperliquid is an L1 and not just a DEX for derivatives.”

Furthermore, he highlighted that the token holders PURSUE were significantly rewarded, with a 23% increase in the token’s value.

PURR was the first spot token launched on Hyperliquid and looks set to continue receiving attention and incentives from the platform.

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