The cryptocurrency market has been strong in 2023, growing by more than 37% year-to-date. Such strong returns can create deceptive conditions whereby weak assets appear more robust than they are. This has led to the emergence of cryptos to sell.
I would argue that is the case with each crypto in this article. Hype and a lack of real-world use cases mark them and other cryptos to avoid. Utility is where crypto investors should direct their capital. The cryptos discussed here lack utility, and for that reason, I believe they will ultimately crash and burn.
It could be this month, this year, or sometime soon. However, it’s best to dump them in October and be done with it. So here are the top cryptos to sell.
Dogecoin (DOGE-USD)
Dogecoin (DOGE-USD) is the godfather of meme coins. Most of these are comedic attempts to satirize Bitcoin (BTC-USD) and uniquely provide humor and fun. As interesting as that is, it’s also hazardous because, underneath it all, Dogecoin is nothing.
As it currently stands, Dogecoin doesn’t have actual long-term viability. Elon Musk championed Dogecoin early on. That has catapulted it to the top ranks of the highly speculative subsector of crypto, which is itself theoretical. I firmly believe in many crypto projects, don’t get me wrong. Exciting things are being built. However, Dogecoin isn’t involved in any of it.
Most of the opinions favoring Dogecoin tend to rely on technical indicators. In other words, patterns associated with price fluctuations allow traders to make quick returns. That’s all Dogecoin is. Many more lose than win by taking part in that kind of investing, and that holds for Dogecoin investing as well. Sell it in October and invest in utility-based cryptos instead.
Floki Inu (FLOKI-USD)
Floki Inu (FLOKI-USD) is one of many meme coins modeled after Shiba Inu (SHIB-USD). Shiba Inu was created as a Dogecoin killer. None of it means anything because none of it has utility.
Floki Inu has attempted to build utility through an NFT gaming metaverse named Valhalla. It all draws on Viking mythology weaved together in a tenuous and strange way that ultimately means nothing because, again, it provides no utility. By the way, Floki is Elon Musk’s dog. It’s overall quite strange how much influence and mention Musk gets in this strange corner of the crypto world, isn’t it?
Replace Floki Inu with any other meme coins related to the Shiba Inu dog breed, and you have the same thing: Nothing. Add in NFTs, metaverse, or any different hot topic that boomed during the pandemic, and that’s a recipe for disaster. Sooner or later, the bottom is going to fall out. Or perhaps they’ll continue indefinitely as mechanisms for traders to exchange cash back and forth. Either way, drop Floki Inu and its ilk.
Pepe (PEPE-USD)
Pepe (PEPE-USD) is one of the more recent and notable meme coins to steer clear of. It launched in April, shot up massively by the first week of May, and then cratered. It has steadily trended downward since only briefly providing any gains during that period. If it hasn’t harmed you yet, it’s guaranteed to do so.
It is based on a famous comic strip that became ingrained in meme culture. Opportunistic crypto creators took advantage of that, launched it, it took hold briefly, and now it’s dying a slow death.
It has shed more than 82% of its value since its dramatic run-up in early May. That’s all there is behind Pepe: An initial scramble to grab returns on clever hype and the inevitable decline whereby holders hope for a second round that won’t materialize. If you’re reading this and are sitting in a losing position, it’s probably best to cut your losses at this point rather than risk more significant losses.
On the date of publication, Alex Sirois 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.
