In the fast-paced world of cryptocurrencies, separating hype from substance is crucial when making investment decisions. With countless digital assets vying for attention, investors must adopt a discerning approach.
In this article, I’ll examine two cryptocurrencies that may have garnered significant attention but could be worth selling, as well as one cryptocurrency that continues to demonstrate strong potential and is worth considering for investment.
Pepe Coin (PEPE-USD)
The first crypto to consider selling is Pepe (PEPE-USD), a meme coin that lacks real utility or innovation. Its over $650 million valuation is unjustified, driven solely by hype and nostalgia. Pepe has already experienced a significant decline of over 64% from its all-time high and could face legal issues from the original creator. Objections from Matt Furie may discourage major exchanges from listing Pepe, further impacting its value.
Moreover, Pepe exemplifies the risks and volatility of the crypto market. While it capitalizes on the popularity of the Pepe character from Boy’s Club, it lacks real-world utility and focuses primarily on meme culture. Unlike cryptocurrencies with practical applications, Pepe and other meme coins cater to a different investor base.
Its future remains uncertain despite the fascination and high trading volume surrounding PEPE. Retail investors have been drawn to the potential for significant gains. Still, history shows that meme tokens like PEPE often experience a sharp decline, leaving many retail investors at a loss. While there is speculation about the next popular meme coin, the trajectory of PEPE is unpredictable and carries significant risks.
Shiba Inu (SHIB-USD)
Meme coins like Shiba Inu (SHIB-USD) have failed to meet the initial hype. Despite being touted as a potential rival to Dogecoin, SHIB lacks the necessary catalysts for long-term success. The delay in launching Shibarium and the underwhelming impact of token burning have raised doubts about SHIB’s prospects. Ultimately, Shiba Inu and similar meme coins have fallen short of expectations, leaving investors disappointed rather than fulfilled.
That said, avoid the highly volatile Shiba Inu token, which lacks competitive advantages and uniqueness compared to other cryptocurrencies. Its exaggerated gains in 2021 were followed by significant retracements, making it a risky investment for the new year.
Meme coins like Shiba Inu rely solely on popularity and lack substantial utility. Instead of using cheesy marketing tactics, engaging the audience with a compelling and believable narrative would be more effective. This approach may attract more investment, as people are more likely to consider a meme coin that offers genuine value.
Bitcoin (BTC-USD)
Now, for a crypto to sell that everyone’s heard of.
Bitcoin (BTC-USD) holds significant importance worldwide as it was the first cryptocurrency and the foundation for blockchain technology. The creator of Bitcoin, Satoshi Nakamoto, introduced the concept of a decentralized peer-to-peer network that addressed the issue of double spending. This concept formed the basis for the immutable distributed ledger system that underlies Bitcoin and other cryptocurrencies.
Bitcoin’s recent rally shows promise, but concerns have arisen due to declining volume levels since June 21. Swing traders may find short-term opportunities, while cautious investors may wait for increased volume before making significant moves. Bitcoin’s dominant status and influence on the market make it a compelling investment for crypto enthusiasts. Its upward trend is expected to continue as retail and institutional investors seek less volatile assets.
Additionally, Bitcoin remains a recommended cryptocurrency investment, with potential significant returns. Current levels of $30,000 offer potentially explosive upside for those who believe the projections of experts and pundits. Standard Chartered’s projection of Bitcoin reaching $100,000 by the end of 2024 suggests a 3x return in 18 months.
On the date of publication, Chris MacDonald did not have (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 the InvestorPlace.com Publishing Guidelines.
