As Bitcoin (BTC USD) continues to struggle, it’s a good time to think about dumping and selling altcoins.
The leading crypto indicator Bitcoin fell below the $58,000 mark due to expected payouts to Mt. Gox creditors and the German government’s BTC transactions. Additionally, we have also observed a significant decline in ETF inflows in recent months. These headwinds had a significant impact on BTC prices, causing BTC to fall by more than 15% this month.
Although the sector’s broader fundamentals remain attractive, the current scenario highlights the need for strategic adjustment. Additionally, several rate cuts later this year could get the ball rolling again. However, in this scenario, investors are better served by tailoring their crypto portfolio to the best in the industry.
Additionally, investors should consider dumping volatile altcoins, whose downward spiral is likely to continue. With that in mind, here are three altcoins for sale that are more vulnerable than others and will continue to erode value for investors due to market volatility.
Ripple (XRP)
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ripple (XRP USD) was once an up-and-coming crypto novice, but now finds itself at a crossroads as it navigates a difficult environment. The platform made a name for itself with its transformative decentralized financial payments network and became a leading provider of cross-border payment solutions. It boasts incredible transaction speeds and is capable of processing transactions within four seconds.
But despite targeting a huge, addressable market, Ripple’s performance has been shaky. The company has struggled to maintain a stable position while its competitors continue to post strong gains.
In addition, the ongoing legal dispute with the Securities and Exchange Commission (SEC) further complicates the situation. Judge Analisa Torres’ nuanced ruling was mixed for Ripple and its investors. Although retail transactions were found to be in violation of securities laws, it was intended for direct sales to institutions. Furthermore, there is an impending crisis Threat of a $1.95 billion finewill continue to weigh its assessment.
Shiba Inu (SHIB)
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Shiba Inu (SHIB USD) is one of the most popular meme coins and has gained a significant online following. Yet despite its popularity, it remains a remarkably speculative bet that is more likely to destroy investor value than not.
As a result, the platform faced massive outflows, indicating major liquidity issues. Additionally, SHIB investors will continue to be as volatile as ever with overall market changes and regulatory hurdles weighing on their valuation. Therefore, SHIB is a clear selling point for investors with a long-term investment horizon, especially when compared to the more established giants in the industry.
Most recently, the SHIB community was enthusiastic approximately an impressive increase of 4000% in its burning speed. However, the market reaction was exactly the opposite: SHIB lost more than 30% of its value in the last month alone. Therefore, it is difficult to predict where SHIB will end up, which is why it is best to avoid a meme token with such high volatility.
Axie Infinity (AXS)
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Axie Infinity (AXS USD) was once considered a giant in blockchain gaming. Its diverse metaverse allowed players to engage with over 500 NFT-based creatures. But while Axie Infinity capitalized on its claim as a Metaverse pioneer early on, it has struggled since then. Blockchain gaming is in decline, and according to data from Big Blockchain Gaming, 31% of blockchain games were either canceled or discontinued last year. Additionally, the blockchain gaming sector recorded 68 investment deals in the first quarter (Q1) of this year, a worrying 57% decline from the peak of activity in the first quarter of 2022.
As a result, we’ve seen Axie lose a ton of value, falling a disheartening 41% year-to-date (YTD). However, it hasn’t been a good investment for some time, considering it has lost 50% of its value in the last three years. Perhaps part of this is due to a staggering $615 million cyber theft in March 2022 that compromised the integrity of the ecosystem. Therefore, these challenges have left Axie struggling to regain his former glory, casting a shadow over his future.
At the time of publication, Muslim Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.
At the time of publication, the responsible publisher did not hold, directly or indirectly, any positions in the securities mentioned in this article.