Pseudonymous cryptocurrency analyst cyclop (@nobrainflip), who boasts more than half a million followers on the X social media platform, recently published a list of cryptocurrencies that should be avoided by investors since they are "doomed" to never grow.
If you put $10,000 into $XRP in September 2018.Today, you would still have $10,000 🤯99% of altcoins are doomed to dump/never grow.Here are 10 coins you should AVOID (you're probably holding them) and how to recognize them 🧵👇 pic.twitter.com/eEOJjS8xl9
— 𝗰𝘆𝗰𝗹𝗼𝗽 (@nobrainflip) July 21, 2024
The list prominently features the Ripple-affiliated XRP token. As noted by the analyst, if you had invested $10,000 into XRP in September 2018, you would have ended up with the same amount of money today.
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The analyst described XRP as an "unnecessary fork" of Bitcoin, adding that its valuation is overly inflated.
According to data provided by CoinGecko, XRP is currently trading at $0.5827 after recently experiencing a substantial price rally. The token is still down a whopping 83% from its all-time high that was recorded on Jan. 7, 2018.
Even though he has acknowledged that XRP is "not the worst coin," he still believes that it will be underperforming Bitcoin and Ethereum, the two leading cryptocurrencies.
Other coins that should be avoided
Ethereum Classic, Bitcoin Cash, Monero, and Axie Infinity have also appeared on the list of tokens that should be avoided.
The analyst argues that Ethereum Classic has no prospects since it is being ignored by developers. The Bitcoin Cash fork failed to gain significant adoption as a means of payment, simply repeating the BTC concept with insignificant changes.
Monero would be a bad bet due to its outdated technology as well as the high risks associated with privacy coins.
When it comes to Axie Infinity, there is no longer any hype surrounding the project, and there is "nothing more to expect."
