2 Cryptocurrencies to Stay Away from at All Costs
The 2022 crypto meltdown highlighted the importance of conducting thorough due diligence before investing in digital currencies. ApeCoin and Dogecoin are two cryptocurrencies that should be avoided due to their underperformance in the market. ApeCoin, which was launched in March 2022, initially generated hype and speculation as a way for investors to access the upside potential of the popular Bored Ape Yacht Club NFT collection. However, the collapse of NFT prices caused ApeCoin’s value to plummet. Numerous attempts to boost ApeCoin’s value, such as creating a metaverse world and turning it into a utility coin, have failed. As a result, investors have grown skeptical of its potential for recovery.
Dogecoin, the original meme coin, holds sentimental value for early crypto investors. However, its best days are behind it. Since reaching its peak during the Dogecoin mania in May 2021, when Elon Musk appeared on Saturday Night Live, the price has plummeted by nearly 90%. Musk’s rumored plans for integrating Dogecoin with Twitter have not materialized. Moreover, he is now facing a class action lawsuit from Dogecoin investors accusing him of manipulating the crypto’s value for personal gain. Dogecoin lacks real-world utility and remains a highly speculative meme coin.
The key lessons for investors here are not to chase new trends solely for the purpose of making quick profits and not to invest in cryptocurrencies as get-rich-quick schemes. While there are promising crypto investments with long-term growth prospects, ApeCoin and Dogecoin are not among them. ApeCoin’s dependence on the struggling NFT market and Dogecoin’s lack of real-world utility make them unattractive investment options. It is advisable to avoid these cryptocurrencies and consider other alternatives with stronger growth potential.