Selling cryptocurrencies as a contrarian strategy can yield short-term profits amid a market filled with dubious tokens and scams. A significant disparity exists in the crypto market, with top cryptocurrencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD) thriving while many lesser-known ones struggle in a fragmented and unpredictable market. But knowing how quickly the market can boost underdogs, how do you know which cryptos to sell now?
Recent years have seen a shift towards prioritizing fundamentals over scams and overvaluation, urging discerning investors to shed underperforming assets and safeguard their portfolios. As BTC and ETH flourish, smaller cryptocurrencies encounter difficulties, creating a rift in the crypto space. Due to market fragmentation and volatility, we recommend considering the sale of three cryptocurrencies to avoid potential declines.
Dogecoin (DOGE-USD), a meme-based cryptocurrency, started as a parody of Bitcoin but has gained recognition in the crypto world. Elon Musk’s tweets boosted Dogecoin’s popularity, turning a joke into a serious contender in the cryptocurrency market.
Moreover, Dogecoin recently appears to have a better chance of reaching $1 than SHIB due to its tokenomics and current price.
While Dogecoin’s recent fluctuations may not be concerning, its declining volume and potential consumer-related headwinds warrant caution. Its erratic price swings, unclear purpose, and speculative nature should be met with caution and thorough research before investing. The coin’s long-term viability and impact are subjects of debate.
Shiba Inu (SHIB-USD)
Shiba Inu (SHIB-USD) positions itself as a Dogecoin competitor, though it offers little differentiation in practice. It thrives on Dogecoin’s meme coin legacy, gaining a significant market cap of $4.7 billion. But investor interest seems waning.
Shiba Inu has already lost 33% of its value in the past year, and it’s likely to continue declining in September. Selling it now is a wise move as there’s little reason to believe in its potential. It’s better to reinvest in a crypto project with real utility.
Shiba Inu’s fame seems fleeting with its metaverse project and token holder count losing momentum. The volatility and lack of utility in cryptocurrencies like SHIB make it advisable to consider parting ways with it in the current crypto landscape.
Floki Inu (FLOKI-USD)
Floki Inu (FLOKI-USD) is following a similar trend as Shiba Inu. Notably, it has introduced new features in its Valhalla Metaverse game to attract more users. The token has experienced a significant drop in price, declining by 14.8% over the past month. Currently, its price is $0.000015 as of September 21, 2023, with its highest point in the past month being $0.000019 on September 9, 2023.
Floki, inspired by Elon Musk’s pet, aims to carve its niche in the meme coin realm. Recent stats show little change in the past week but a 14% decline a month ago. Floki has seen a decline in hype and price, causing losses for many holders. Yet, there’s hope in initiatives like FlokiFi and Valhalla metaverse for the next bull run.
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.