The recent crypto rally may push many investors to look for cryptocurrencies to buy. However, given this recent strong momentum, I’d argue that many of the more speculative names that have risen faster than stalwart tokens such as Bitcoin (BTC-USD) or Ethereum (ETH-USD) may be cryptos to avoid.

Using this recent rally as an opportunity to sell overvalued cryptocurrencies seems like a decent idea. Outright avoiding owning these digital assets may be better, for those on the fence.

Indeed, while plenty of innovation and disruption will likely take place in the crypto realm, projects that are far too speculative ought to be avoided. While this list may be long, here are three I think investors would do better to simply walk away from.

Audius (AUDIO)

Music streaming platforms transformed music consumption, but artists faced challenges in earnings and control. Audius (AUDIO-USD) has attempted to tackle this using its cryptocurrency, AUDIO, empowering creators to monetize content. Centered on music streaming, Audius redefined fan-creator interaction. The company attempts to safeguard music ownership and restore control to creators. And it is backed by blockchain and decentralization.

AUDIO serves as its lifeblood, with three key roles, ensuring network security, functioning as a governance token and granting access to premium features. As an ERC-20 token, it debuted with a one billion supply, and by December 2021, over 500 million tokens circulated. 

Audius is still a relatively new platform, and it does not have the same user base as established streaming platforms like Spotify and Apple (NASDAQ:AAPL) Music. This means that artists may not reach as many potential listeners on Audius. Additionally, because Audius is a decentralized platform, it can be difficult to remove content that is violating copyright laws. This could lead to legal problems for the platform and the artists who use it.

Lastly, the AUDIO token is used to incentivize users to interact with the platform. However, this could also lead to bot manipulation, where users create fake accounts to game the system and earn more tokens.

Dogecoin (DOGE)

Dogecoin (DOGE-USD) is a meme cryptocurrency that has gained popularity in recent years due to its association with Elon Musk and its use in online tipping. However, there are a number of reasons why crypto traders and investors think it is one of the cryptos to avoid.

First, Dogecoin has no real-world utility and is not widely accepted as a form of payment. This means that its value is primarily driven by speculation and hype, which makes it a very risky investment. The token has an uncapped supply, which means that there is no limit to the number of coins that can be created. This could lead to inflation and a decrease in the value of the coin.

Secondly, the cryptocurrency industry is still subject to a lot of regulatory uncertainty. This could make it difficult for Dogecoin to be adopted by businesses and institutions. There are a number of other cryptocurrencies with more real-world utility and a better track record than DOGE. These cryptos are likely to be more attractive to long-term investors.

Internet Computer (ICP)

The Internet Computer (ICP-USD) token price has been on a downward trend since its launch in May 2021. The ICP token price is trading at around 70 cents, down from its all-time high of $755.50. This decline in price makes it pretty clear why this is among the cryptos to avoid, and suggests that the market is not confident in the long-term viability of the ICP project.

Despite its ambitious goals, ICP has failed to gain significant traction among developers or users. The project’s main use case, which is to provide a platform for decentralized applications, has not yet been fully realized. As a result, there is little demand for ICP tokens, which is putting further downward pressure on the price.

Moreover, The ICP project faces stiff competition from other smart-contract enabled blockchain platforms such as Ethereum. These platforms have a more established track record and a larger user base, which makes them more attractive to developers.

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.