Important warnings came from the consulting giant The Motley Fool today for two altcoins. Two altcoins are famous among Turks. Let’s look at the details.
Altcoin ApeCoin
The first altcoin that the consulting giant calls remote status is Apecoin. When it was launched in March 2022, ApeCoin caused a lot of excitement and speculation. This new token promised to be the primary way for casual investors to tap into the upside potential of the Bored Ape Yacht Club, which remains one of the most popular NFT collections ever. At the time, celebrities were paying hundreds of thousands of dollars for a single Bored Ape NFT. Also the prices seemed to be heading towards the moon.
However, shortly after the launch of altcoin ApeCoin, prices in the NFT market began to collapse. On the other hand, the chances of ApeCoin being a good long-term investment have also decreased. Base prices for Bored Ape NFTs are currently at an all-time low. In some cases, million-dollar investments are now valued as low as $60,000. Until NFT floor prices start to increase, it is almost impossible for ApeCoin to rise. Because there is a close relationship between the Bored Ape NFT collection and the token.
unsuccessful attempts
Several attempts to support the price of altcoin ApeCoin have now failed. There were plans for a new metaverse world called Otherside. They had plans to turn ApeCoin into a utility coin with real-world uses, like being able to buy burgers and fries at a Bored Ape-themed fast-food restaurant. This is not only. There were plans to turn Bored Apes into a new entertainment brand powered by the Web3 creative economy. There have also been attempts to create VIP experiences for ApeCoin token holders. Among them was an NFT game with cartoon monkeys running through underground sewers.
Considering all these malicious attempts to increase the value of ApeCoin, this is clearly a crypto token to be avoided. Sure, the NFT market could go up. Bored Apes remains one of the world’s best NFT collections. But there’s a good reason why altcoin ApeCoin has lost nearly 50% this year. Investors are fed up with all the failed attempts to reverse this once promising crypto project.
Altcoin Dogecoin
As the original meme coin, altcoin Dogecoin holds special meaning for early crypto investors. That’s why it feels so bad to put it on the list of cryptocurrencies to avoid. But his best days are now long gone. Altcoin Dogecoin is down “only” 3% for this year. But since the peak of the altcoin Dogecoin craze in May 2021, when Elon Musk appeared on Saturday Night Live as The Dogefather, the price has dropped by almost 90%.
In 2022, as soon as rumors began to surface that he would buy Twitter, there were repeated suggestions that Musk had big plans for some kind of Dogecoin integration with Twitter. This year, he even went so far as to replace the iconic Twitter bird with the Dogecoin mascot, the Shiba Inu dog. However, there are no signs of a sustainable recovery in Dogecoin’s price. Worse still, Musk is currently involved in a class action lawsuit with Dogecoin investors alleging that he manipulated the value of crypto for personal gain. It also remains, at the end of the day, a highly speculative meme coin with little or no real-world utility. It started as a joke in 2013. 10 years later it’s still a joke. But this time, no one is laughing.
Implications for investors
There are two big lessons here: First, as we’ve seen with NFTs, you shouldn’t be chasing a new trend just in hopes of making big bucks. Second, as we have seen with meme coins, you should not invest in crypto as part of a get-rich-quick scheme.
Looking at Kriptokoin.com, there are many good crypto investments out there with solid long-term growth prospects. Unfortunately, altcoin Dogecoin and altcoin ApeCoin are not among them.
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