Most old alts are dying and unlikely to see significant future growth
Here's a list of 8 coins you shouldn't buy in 2024👇
The altcoin landscape is facing chaos, marked by substantial downturns.
Numerous prpjects are set to release tokens valued at more than $750 million, potentially triggering major sell-offs.
Which altcoins and categories should you steer clear of?
⫸ Old Projects
A multitude of older projects are not only obsolete but also overvalued.
Without innovation or potential, they present no avenues for growth.
Inevitably, they will lag behind $ETH in the coming period, a trend that is already evident.
⫸ P2E and various outmoded sectors
Projects linked to obsolete trends like P2E are destined for a slow decline.
Buying tokens during massive sell-offs essentially makes you the cash-out point for venture capital investors.
⫸ Artificial Tokens
Founding teams or venture capitalists manipulate tokens, inflating their value.
Prices reflect investor manipulation, not true market value, with the risk of a sudden 90% crash.
1/ | $APT
Aptos, a top layer-one blockchain, will release 11.31 million APT tokens worth $69.46M (1.01% of Total Supply) yesterday.
Given the recent plunge in price from $18 to under $7, this token unlock could place additional strain on the market value.
2/ | $ADA
Cardano, a proof-of-stake blockchain, aims to foster global progress.
ADA has dropped 57% in 8 months, now around $0.35, making it a risky investment.
3/ | $AXS
Axie Infinity, while pioneering the play-to-earn concept, encounters substantial challenges.
At present, $AXS stands at $4.64 with a market cap of $693.2M. However, the complex landscape of blockchain gaming might hinder its upward trajectory.
The $XRP Ledger supports transactions, small payments, DeFi, and soon NFTs. Ultimately, it's seen as an overvalued derivative of $BTC.
Since September 2021, the token has fallen from $1.39 to $0.57 showing no signs of possible growth.
5/ @dYdX Protocol | $DYDX
The primary concern with DYDX lies in the token unlocking process.
These unlocks cause ongoing selling pressure, gradually lowering the price.
This scenario is common among similar projects; it's crucial to always review the vesting schedule.
6/ | $DOT
Polkadot is an open-source protocol connecting specialized blockchains for cross-chain data and asset transfers.
$DOT may not exceed its 2021 high, as indicators suggest it might fall short of growth expectations despite strong tech.
7/ | $XMR
$XMR stands out for its private and anonymous transactions.
Yet, its value has remained flat since 2022 and faces potential bans like Tornado Cash.
High valuation, obsolete tech, no future growth, substantial risks.
$FIL is experiencing significant turbulence with a sharp downturn in the past three months.
Recognized for its decentralized storage capabilities, its recent struggles make it a perilous investment choice.
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