The crypto market has been volatile in the last two days. When prices drop, investors may have a good opportunity to accumulate their favorite cryptocurrencies. But not all cryptoassets represent equally good investments at all points in time. With this in mind, analysts have identified 5 altcoins that are not suitable for investing at the moment.
Meme coin Pepe (PEPE) comes first
Despite making a huge entry into the crypto market, the huge popularity of meme coin Pepe (PEPE) could not help it maintain its initial momentum. It has sparked concerns among traders about its future, especially as new meme-coins enter the market and threaten its dominance. In fact, according to the latest data, Pepe is currently trading at $0.0000006775. This represents a 1.47% increase on the day and a 16% decrease over the previous week. Additionally, the altcoin lost 49.35% in value last month.
Pepe 7 day price chart. Source: CoinMarketCapThe second ranked altcoin is ApeCoin (APE)
Another crypto sensation, ApeCoin (APE), the governance and utility token used in the Non-Fungible Token (NFT) ecosystem Bored Ape Yacht Club, joined PEPE on the underdog list after falling to the support level and facing resistance there under prevailing bear dominance. According to the latest data, at press time it is changing hands at $1.13, down 2.16% in the last 24 hours. Meanwhile, the altcoin is down 16% in the previous seven days. It also saw a 4373% decline on its monthly chart.
APE 7-day price chart. Source: CoinMarketCapWe continue the list with Gala Games (GALA)
At the same time, Gala (GALA), the core utility token of Web3 gaming development and NFT platform Gala Games, is struggling despite increased activity on the network and an explosive start to 2023 that saw it rise to $0.006 in January. The altcoin saw a 1.15% daily price increase at the time of writing. However, GALA witnessed a negative price change of 12.52% on a weekly basis. Additionally, it lost 39.20% in the last 30 days. This marked a difficult period for GALA.
GALA 7-day price chart. Source: CoinMarketCapThe fourth altcoin to stay away from is Uniswap (UNI)
Meanwhile, Uniswap (UNI), the governance token of the popular protocol that facilitates automated trading of decentralized finance (DeFi) tokens, continues to accumulate declines on zoomed charts under recent legal troubles, despite the Southern District of New York dismissing a class-action lawsuit against Uniswap. This situation was also reflected in UNI’s price fluctuations in recent months. The altcoin experienced an increase of 2.56% in the last 24-hour chart. However, UNI has seen a decline of 3.44% in the last seven days. Moreover, it witnessed more significant declines of 31.25% in the last one month. UNI is currently trading at $4.22 according to the latest charts at press time.
UNI 7-day price chart. Source: CoinMarketCapThe last ranked altcoin is Axie Infinity (AXS)
AXS is the native token of the Axie Infinity ecosystem. It’s also the central mechanism that runs the play-to-earn Axie Infinity game. According to the latest information from blockchain analysis platform IntoTheBlock, 100% of AXS addresses are in the red. As you follow from Kriptokoin.com, this is why the altcoin is facing problems. Over the past week its price has made several jumps towards the green. However, this week it took a dive. Still, AXS, at press time, has seen an increase of 1.36% in the last 24 hours. However, as you can see in the charts, it was down 7.98% over the previous seven days. Additionally, AXS lost 30.81% of its value in the last month.
AXS 7-day price chart. Source: CoinMarketCapThe opinions expressed in the article belong to the analysts and are definitely not investment advice. That’s why we recommend that you do your own research before investing.
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