3 cryptocurrencies to avoid in August 

Temitope Akintade
3 ways to identify crypto pump and dump schemes


In July, crypto investors experienced mixed emotions as Bitcoin showed positive and disappointing movements. One of the positive highlights of the month, heading into August, was Ripple’s legal victory.

However, that only provided some relief for a short time, as the second half of the month was bearish. This is especially evident in the total market capitalisation decrease after the July 13 yearly high.

While there is a slight hope that a bullish reversal will begin in August, it cannot be fully proclaimed that August will be all green. Even though the crypto market offers numerous opportunities for investors and traders, some digital assets do not maintain consistent appeal for investment.

With a thorough analysis of market circumstances, we have created a list of three cryptocurrencies with a negative outlook and which investors should steer clear of in August.

Worldcoin 

The token behind the controversial Worldcoin project, $WLD, enjoyed a price skyrocket upon launch, but the hype has been short-lived. 

worldcoin coins not to buy in August

Due to being based on a controversial concept of using iris scans to verify users’ identities, Worldcoin has attracted the attention of global regulators in Kenya, the United Kingdom, Germany and other countries.

Related post:

Kenya suspends the activities of Worldcoin in the country 

Last week, the government of Kenya outrightly banned Worldcoin from registering new users, citing privacy concerns. Other countries have already announced inquiries into the project too. This place its prospects of widespread adoption at significant risk. 

The upheaval has taken a toll on the $WLD token, and there are no indications that things will get better soon. Because more regulators are scrutinizing the project, there is too much uncertainty surrounding it. In this connection, the Worldcoin token ($WLD) is not a cryptocurrency to buy in August.

The latest Elon Musk dance is the rebrand from Twitter to X. And as expected, what followed suit was a crazy upward surge of cryptocurrencies related to the term.

Many existing X-related memecoins and newly-created tokens capitalised on the euphoria. Almost all surged as high as 1400%, although the increase was short-lived.

Related post:

Twitter is no more, meet Elon Musk’s everything app, “X” and what users think of it

Everything that goes up must come down. In line with that saying, all X-related cryptocurrencies are back where they belong. They have no significant utility or use cases and are solely driven by social media hype and trends.

X's Blue subscribers (Twitter) can now hide their verification checkmarks

Since that’s no longer obtainable, X-related cryptocurrencies are advised not to be bought in August.

Bald 

Bald was at the centre of controversy last week. And it all started around July 30 when the lure of meme coin fortunes helped Coinbase’s new layer-2 blockchain, Base, attract  $68 million worth of Ether and over $200 million in trading volumes. 

Traders flocked to purchase BALD tokens, which jumped to a $85 million market cap last Sunday, with some Twitter users like @cheatcoiner.eth making over $1.4 million from an initial $500 investment.

However, things began to take an ugly turn on Monday when  BALD deployers started to remove millions of dollars in liquidity from the token’s trading pairs in a sudden and unannounced move. This left thousands of holders in the lurch and caused prices to plunge as much as 90% as holders ran for the exits.

Some traders are hopeful that Bald might replicate those upward movements in the near term, but analysis and projections $Bald has too many scammy features, and it’s best to stay away from the token in August.

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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