The bull market for cryptocurrency appears poised to continue, with Bitcoin (BTC-USD) in particular potentially on the threshold of rallying as a result of expected consolidation and rate cut possibilities. However, it’s crucial to understand that not all coins are equal. Even within an overarching bull market, there could be certain tokens that can inflict damage on your digital wealth. In this article, we will highlight three meme coins that, regardless of rampant speculation, should be sold immediately to avert potential crashes.
Interestingly, Bitcoin has experienced an approximately 7% decrease over the last month. Despite this reduction, it’s merely a minor correction within the broader bull market. On the other hand, two other significant coins based on market capitalization, Beam (BEAM-USD) and Celestia (TIA-USD), have plunged by more than 40% within the same timeframe. This underscores the fact that even within a high-beta crypto market, some assets may destroy wealth.
The three meme coins that one should quickly sell are PepeCoin (PEPE-USD), Bonk (BONK-USD), and Floki (FLOKI-USD). In contrast, Dogecoin (DOGE-USD) and Shiba Inu (SHIB-USD) could be better bets if you’re interested in meme coins, having weathered several bearish crypto phases. Elon Musk consistently backs Dogecoin, while Shiba Inu continues to expand its ecosystem and utility steadily.
PepeCoin, a notable player in the meme coin market with a nearly $5 billion valuation, appears headed for a downward trajectory. Despite a 23% correction over the past month, it makes little impact when compared to its 650% growth during the previous year. There’s a risk a loss of investor confidence could trigger a large-scale selling spree, with some large investors already transferring funds from PepeCoin to Ethereum (ETH-USD).
Bonk, another meme coin, seems set to deflate. It has seen an impressive growth of 6,500% over the past year, justifying its ranking as 65th in terms of market cap. However, the current prices present high risk levels, as the majority of the rally appears to be already concluded. Predictions of Bonk’s long-term price up to 2030 indicate only a potential upside of 310%, suggesting investors should contemplate exiting before a crash. Despite impressive integrations across nine chains and an emerging presence in blockchain-based gaming, the rally seems more driven by investor euphoria than by intrinsic value.
Finally, Floki, the fifth-largest meme coin by market cap, is raising numerous red flags indicative of a downturn. It has performed the worst amongst the top 10 meme coins over the past month. The coin’s reputation has also been tarnished by scams and the circulation of counterfeit tokens on Solana (SOL-USD) and Base blockchains. Furthermore, Floki investors appear to be increasingly drawn to Mpeppe (MPEPE-USD), which boasts innovative betting features, strong market predictions, and the potential for higher returns.
To conclude, while the crypto market does hold opportunities for growth, it’s vital to remember that not all players offer the same level of return. What’s more, meme coins such as PepeCoin, Bonk, and Floki could potentially result in serious wealth losses if not disposed of at the right time. As always, execute caution and make well-researched decisions as you navigate the frequently turbulent world of cryptocurrencies.
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