The cryptocurrency market has experienced significant growth in 2023, with a year-to-date increase of 37%. However, below this rise, some crypto assets are showing signs of weakness. Investorplace analyst Chris MacDonald recommends that investors consider shedding certain cryptocurrencies as we approach 2024. It identifies which cryptos, including SHIB, should be avoided in the coming year. However, before moving on to the article, it is worth noting that these are only the analyst’s opinions. Time will tell whether SHIB or the other two coins in the article will perform poorly. Meanwhile, according to MacDonald, the cryptocurrencies mentioned in this article suffer from excessive hype and lack of practical application, making them less than ideal investments. Instead, investors are encouraged to focus on cryptocurrencies that have real utility. Here are the details…
SHIB is “losing its luster,” according to analyst
Inspired by the same Japanese dog breed as Dogecoin, the Shiba Inu (SHIB) has a unique identity. Supported by a loyal ShibArmy community, SHIB has seen significant growth in 2021 despite initial skepticism. But MacDonald thinks SHIB may no longer be a wise choice for investors. Despite its initial surge, the novelty has faded and it now functions primarily as a meme token with limited practical use.
The stagnation in the number of SHIB token holders is a worrying sign that interest in the asset is waning. This highlights the volatility and lack of utility in cryptocurrencies like SHIB. MacDonald advises investors to mark SHIB as one of the cryptos to avoid in today’s crypto landscape.
There are concerns about Floki Inu (FLOKI)
Floki Inu (FLOKI), a Shiba Inu-inspired meme coin, seeks to blend fun and utility in the DeFi ecosystem. Named after Elon Musk’s dog, this “people’s cryptocurrency” has amassed a significant following, with 400,000 wallet holders and a significant market cap. However, MacDonald is cautious about the future of this cryptocurrency.
Floki Inu has attempted to benefit through a Viking-themed NFT game metaverse called Valhalla, but has yet to make meaningful progress in that direction. Whether it’s NFTs, metaverse projects, or other fads, MacDonald believes these coins are either heading towards instability or will remain speculative vehicles. Therefore, he advises investors to stay away from Floki Inu and similar assets.
4-CHAN (4CHAN): A weak token
4-CHAN (4CHAN) is a cryptocurrency that MacDonald describes as prone to inflation and dilution. It lacks vital supply control methods such as burning or staking, and governance and community engagement are weak, leaving owners with little influence over the direction of the project. Additionally, the malleability of the smart contract raises security and trust concerns, making 4-CHAN unsuitable for most cautious, long-term investors.
Although market cap data is not available due to its relative newness, MacDonald points out that the project’s potential is not being realized largely due to viral recognition or endorsements like Elon Musk’s. Given its high inflation, lack of supply control, weak governance, and creator manipulation, MacDonald advises investors to exercise caution when evaluating 4-CHAN.
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