Investorplace analyst Muslim Farooque shared three altcoin projects that will be sold in July. Here are the details…
The first altcoin on the analyst’s list: PEPE
Altcoins started the year on an optimistic note, making their way through a turbulent investment environment. As a result, many tokens are currently on their way to recovery, albeit slowly. Prices continue to hover significantly below 2021 peaks. Therefore, identifying cryptos to sell can be a prudent strategy. Bitcoin’s rising tide is lifting all boats, including less valuable ones. This dynamic creates a scenario where investors, lured by the lure of big gains, plunge headlong into the dangerous waters of junk coins. These momentary misfortunes can quickly turn into big losses, emphasizing the importance of avoiding crypto losses.
As we consider the rest of 2023, this burning question still stands. Will the crypto market manage to rise to new heights and make up for the losses suffered last year? Either way, it may be the time of the day to take a cautious look at unstable cryptocurrencies. The crypto world is full of risks and Pepe (PEPE) is a strong example of these dangers. Its incredible volatility is attractive to those interested in the possibility of rapid appreciation. However, it is imperative to understand that this kind of instability turns both ways.
Pepe emerged from the background of the meme coin scene, taking his identity from the famous amphibian hero of the Boy’s Club comics. The creators of the Pepe token capitalized on the popularity of this comic character, making it a popular choice for meme coin investors. Despite his popularity, Pepe offers little real-world utility, focusing instead on elements of meme culture. It is important to note that Pepe, like other meme coins, stands in stark contrast to cryptos that aim to provide fintech utility and integration into the wider economy.
There’s uncertainty for Axie Infinity
Axie Infinity (AXS), once a shining star in the crypto world, now finds itself in limbo. He was one of the top candidates for investors to illuminate their crypto portfolios effectively. However, according to the analyst, if you still hold AXS tokens, now might be a good time to exit. The heyday of play-to-win (P2E) dapps seems to be waning, and a resurgence for Axie after the unfortunate attack on its main chain last year looks highly unlikely.
The cyber theft carried out on Axie’s main Blockchain in March ’22 resulted in a staggering $615 million in losses and significantly aggravated the Axie ecosystem. This led to a tangible erosion of active addresses on its platform. Fueling the fire, the SEC’s classification of AXS as a security started a downward spiral in its value. Future demand and liquidity for AXS looks increasingly unstable as US court decisions remain uncertain and regulatory pressures increase.
SHIB is also on the list
Meme coins like Shiba Inu continue to disappoint, according to the analyst. This part of the Dogecoin (DOGE) craze had SHIB once hailed as a potential “Doge killer”. But under the fluffy hype, it’s just another tool for the speculative crypto realm, according to the analyst. Tailwinds that could launch SHIB into a promising future are non-existent, tarnishing the coin’s appeal. For example, the launch of the much-talked about Shibarium scaling solution stalled with seeds of doubt about its ultimate effectiveness. Moreover, the highly anticipated SHIB token burning strategy seems to have withered rather than led to a price spike. These factors underscore that Shiba Inu, like other meme coins, is more about dreams shattered than dreams come true.
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