Disappointment after the Bitcoin halving: 3 meme coins on the verge of collapse

In most cases, the broader discussion about the cryptocurrency market follows the performance of Bitcoin (BTC USD). After all, it is the most popular kid on the block and has orders of magnitude more use cases than other cryptos. So when Bitcoin promises big news and under-delivers, the market as a whole suffers. Recently this kind of disappointment came to light again when the hype surrounding the Bitcoin halving The event was unimpressive. Investors began selling everything from altcoins to meme coins to avoid a possible loss.

Many Bitcoin-optimistic investors believed, or perhaps misunderstood, that halving mining rates would drive up its value. However, the coin’s total value has remained relatively stable in the month since the halving and is back around the new cap of $70,000. As a result, many meme coins that rely on the crypto industry’s attention have fallen back into their usual cycles of pumping and dumping. Therefore, here are three meme coins to avoid as the Bitcoin situation becomes more complex.

GME Coin (GME-USD)

One might think that it is a meme coin based in GameStop (NYSE:GME) would explode given the stock’s recent news. The story is the same for GME coin (GME USD), but just because the coin surged on GME news doesn’t mean it has any real value. GME coin claims it is a coin of the peopleIt aims to provide education for investors just starting out in crypto through its GME University.

However, according to its website, the cryptocurrency has no apparent applications aside from being a commemorative coin for the GME meme saga. Therefore, this project will eventually end up in the trash can, burning eager investors.

Much like the company from which the GME coin takes its name, it is nothing more than a technological meme designed to capitalize on the hype and search engine optimization surrounding GameStop news. Down 71% in the last seven daysThe coin is not worth holding long-term, but is a great slot in times of GME news.

Dogwifhat (WIF-USD)

The premise of the Dog woman (WIF-USD) Cryptocurrency is simple – it’s a dog in a hat. More specifically, it is the crypto world’s most popular dog breed, a Shiba Inu wearing a knitted hat. That’s it from a technological point of view, because the coin is just one Solana (SOL USD) Network derivative available for purchase on a few different exchanges.

Some analysts have left went to great lengths to justify its existence, describing it as a community project designed to address the financial nihilism of the current generation. Given the rising cost of living in the United States and stagnant wages amid record inflation, this description certainly has some philosophical value.

However, from an investment perspective, it is difficult to see WIF as anything other than a social media-driven program. Investors beware: Just because WIF has seen some big moves based on popularity doesn’t mean it’s a stable investment.

Popcat (POPCAT-USD)

I admit that this one caught my attention website, which I found embarrassingly amusing. Based on the 2020 internet meme of a cat named Oatmeal, Popcat (POPCAT USD) is a meme coin through and through. In its defense, the website openly states that the coin has no intrinsic value and is subject to speculative changes in value.

Since this coin is not trying to deceive anyone about its prospects, I think it is worth mentioning the website design, which includes a global click competition. People around the world compete to see who can click on the cat the most times to make its signature popping sound.

Even though this has no impact on the value of the coin, it is a great way to draw online attention to the platform. Still, I would rank Popcat among the meme coins to avoid as it won’t grow much unless the hype train arrives at the station. This means you can compete for your country Here.

At the time of publication, Viktor Zarev did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.