Altcoin projects have had a tough time in the ongoing crypto winter. In total, Bitcoin and all altcoins have lost over $2 trillion in the past few months. While this trend will likely continue, most altcoins are likely to rebound with equities. Here are some of the best altcoins to never buy once crypto prices start to recover, according to crypto researcher Crispus Nyaga.
The first altcoin on the analyst’s list: EOS (EOS)
EOS is a blockchain project that emerged from the Block.one ICO and raised over $4 billion. Today it is overseen by the EOS Foundation, which is partially independent of Block. It is one of the largest altcoins with a total market cap of around $1 billion. EOS has built an operating system known as EOSIO, a smart contract platform aimed to compete with the likes of Ethereum and Solana. Fast and efficient, highly configurable. In addition, the team claims that it is extremely safe.
While EOS is well-funded, the truth is that it hasn’t been successful in the industry, according to the analyst. First, it has no major or well-known applications built using the technology. Also, the total volume of available apps has been on a strong downward trend over the past few months. Most notably, its relationship with Block, a company that has been fined by the SEC, makes EOS a bad altcoin to buy.
Next project: IOTA (MIOTA)
According to the analyst, IOTA is another altcoin that will never be bought. As we have reported as Kriptokoin.com, IOTA is not a Blockchain project. The developers describe IOTA as a network that connects them with the secure exchange of data and value. It also maintains the integrity and verifiability of the data. Over the years, developers have partnered with leading organizations implementing their technology.
IOTA has also launched a new smart contract platform known as Shimmer. However, its uptake has been relatively poor over the past few months. Some of the best projects in the ecosystem are Accumulator, ApeDAO, Camels DAO and Deposy. However, all of these products are relatively small, indicating that the coin is struggling.
The last cryptocurrency on the list: Axie Infinity (AXS)
Axie Infinity is a leading blockchain project in the gaming industry. The platform allows people to play games and earn tokens that they can exchange for cash. Players earn a coin known as the Smooth Love Potion (SLP), which has seen its price drop in the past few months. They can also earn AXS tokens in several leagues. Axie Infinity has seen its active user count drop sharply over the past few months. They went from 6 million to less than 500 thousand. It also seems that its developers are giving up on the project. Therefore, according to the analyst, you should avoid the AXS token at all costs.
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