Not many investors are looking for cryptos to sell in July due to the recent rallies. The crypto market remains strong, has resisted downside pressure throughout the year and has grown with the broader growth sector. However, most resilience has been in the top dogs of the crypto market, namely Bitcoin (BTC-USD) and Ethereum (ETH-USD). Most other cryptocurrencies have remained at depressed levels with lackluster gains. This is largely due to investors de-risking their assets as the Federal Reserve tightens the economy despite falling inflation.
However, there are some smaller projects that do deliver very impressive gains due to their insignificant utility and short-term tokenomics. Going contrarian on them at their peak can be very lucrative. If these meme coins continue to receive hype, selling can backfire. But not all hype-filled tokens will succeed. Going short on a diverse range of tokens is one of the least risky bets in the crypto market.
Here are three to sell right now:
Pepe (PEPE-USD)
The first of the cryptos to sell is Pepe (PEPE-USD), a deflationary meme coin launched on Ethereum as a tribute to the Pepe the Frog internet meme. Pepe claims to have no tax, a redistributive system and a burning mechanism to maintain scarcity. However, these features are not enough to justify its astronomical valuation of over $650 million as of July 7, 2023.
Having no real utility or innovation, Pepe relies solely on meme coin popularity and internet nostalgia. Its price is driven by hype and speculation and is subject to extreme volatility and manipulation. Accordingly, Pepe has already slid by more than 64% from its all-time high of $0.000004354. It can sink further as the project could also face legal issues from Matt Furie, the original creator of Pepe the Frog, who has sued several projects for infringing his intellectual property rights. You may ask “how?” since the project is anonymous. The answer is that any objections from Matt Furie will discourage major exchanges from listing Pepe.
Of course, many think that Pepe could become the new Dogecoin (DOGE-USD). But this is not 2021, and in all likelihood, Pepe will fade into obscurity as the meme coin craze dies down and investors look for more sustainable and valuable projects.
Pepe 2.0 (PEPE-2.0-USD)
The second crypto to sell is Pepe 2.0 (PEPE-2.0-USD), a fork of Pepe that claims to be a “complete meme coin driven by memetic community.” Pepe 2.0 was launched on May 2023 and aims to redo its billion-dollar run.
However, Pepe 2.0 has no clear roadmap and the team remains anonymous, which is a big red flag. The coin is also highly inflationary, with a max supply of 420.69 trillion tokens, the same as the original token. I believe Pepe 2.0 suffers from the same problems as Pepe and brings nothing new to the table except more manipulation.
What’s even more absurd is that there are actually two Pepe 2.0 tokens. The other one is tickerized as (PEPE2.0-USD), and both have skyrocketed before starting their ongoing fall to zero.
There are simply no fundamentals or catalysts to support the nonsensical growth and stop their downward spiral. Worse, their creators can also manipulate these smart contracts, which creates even more risk. Therefore, I suggest putting Pepe 2.0 on your cryptos-to-sell list before it becomes irrelevant.
SAUDI RAPTOR (SAUDIRAPTOR-USD)
Another “strange” crypto to sell is SAUDI RAPTOR (SAUDIRAPTOR-USD), a meme coin based on the premise that dinosaurs have been brought back to life in Elon Musk’s secret gene labs in Saudi Arabia — bizarre, indeed. SAUDI RAPTOR claims to be more than just a regular meme coin, though, with buzzwords like liquid staking, NFTs, P2E gaming, AI implementation and much more.
However, these “utilities” are nothing but empty promises, as SAUDI RAPTOR has no working product or platform to deliver them. Simply put, it is highly risky and shady. Strong sell.
On the date of publication, Omor Ibne Ehsan 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.
