Seeing a post with ‘cryptos to sell’ heading might be a bit weird but there is a saying that – ‘desperate times call for desperate measures.
In the bull market of 2021, virtually any investor who threw money at any digital currency saw handsome returns. But today, we need to come to terms with the reality that there is a time to buy high-flying momentum-driven cryptocurrencies, and there is also a time to be looking at which cryptos to sell off.
We believe in cryptos and the technology behind them. Even at that, we understand that not all currencies will win in the long term. Take your minds back to five years ago and discover that over 90% of cryptos ‘in vogue’ then are literally extinct now.
Twitter Influencers may continue with the “to the moon” chants but experts have continued to argue that over 90% of existing digital assets would not make it out of the current vicious market condition.
So what’s the best strategy going forward in this precarious time?
Establish a core position with high-yield and viable cryptocurrencies. Also, get rid of low-yield and unviable cryptos, especially ones with a slim chance of making it out of the current tide.
If you are considering tidying up your portfolio before the ebb goes lower, here are some crypto suggestions you might want to consider selling right away.
Shitcoins rise and fall in popularity as attention waxes and wanes unpredictably. Prices go up and down according to uncontrollable factors, not based on fundamentals. Shiba Inu was one of the hottest trending cryptos of 2021.
The token surged millions of per cent in a matter of months, making investors who put up relatively small amounts of money very rich in a short amount of time.
As it is with these get-rich-quick schemes, what goes up often comes down just as fast. This was the case for Shiba Inu. It has lost over 95% of its value from its peak last year.
Like typical shitcoins, there’s really not a lot under the hood when looking at Shiba Inu. With little fundamentals to value this token, it’s unclear just how low SHIB can go.
So, for those looking to protect capital, this is one of the cryptos to sell right now.
Dogecoin was famously (or infamously) created as a joke but it’s still worth mentioning that there is nothing technologically unique about Dogecoin that makes it superior to the other 20,000+ cryptocurrencies in the market.
As an original shitcoin, it is driven entirely by momentum, hype, and sentiment. Dogecoin’s rise to fame has largely been associated with the token’s self-proclaimed “Dogefather,” Elon Musk. But in recent times, those tactics are having little to no effect.
After months of back-and-forth over his Twitter takeover – dogecoin was touted as one of Twitter’s payment options if it goes through – Elon Musk announced last week that his newly launched perfume called ‘Burnt Hair’ could be purchased with dogecoin.
In 2021, that type of announcement would have seen the Shiba-themed token spike crazily, but now those shillings have no effect. With no clear direction of development, we think it’s time to move on from Dogecoin.
It is clearly one of the top cryptos to sell.
This token is the direct result of a hard fork in the Bitcoin blockchain. As one of the oldest fork-related chains out there, Bitcoin Cash is a token that many have watched for a long time.
However, the token has found it hard to get out from under the shade cast by the flagship asset, Bitcoin to differentiate itself and advance. Also, BCH has been witnessing a massive outflow, mostly tied to the ongoing macro concerns and the broader market selloff.
For these reasons, Bitcoin Cash is one of the cryptos to sell for investors looking to de-risk their portfolios right now.
There, you have it. Are there other coins that we have left out? Let us know in the comment box
This content is for informational purposes only and should not be construed as investment, tax or legal advice. It is strongly recommended that every recipient seek appropriate independent professional advice before acting on any information contained herein, as Technext provides no endorsement, opinion or advice, including investment, tax or legal, and makes no representation or warranty about the suitability of a product for a particular reader or circumstance.
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