The bankruptcy of FTX and the rapid decline of the FTT token have taken its toll on other altcoin projects. Panicked investors made sales with fear and there were recessions in the markets. During this period, meme coins, especially BNB, are being questioned a lot.
BNB and meme coin projects are questioned
Cryptocurrency analysts study market conditions. Also, leading US-based international finance company Nasdaq draws attention to these altcoin projects. The altcoins that the company thinks should be followed carefully are as follows;
- ApeCoin (APE)
- Binance Coin (BNB)
- Dogecoin (DOGE)
APE, the altcoin of the leading NFT project, is on the list
cryptocoin.com As we reported; Many users were surprised by the presence of ApeCoin in the cryptocurrency markets. APE, the altcoin of the popular NFT collection Bored Ape Yacht Club, surged after the listing. However, this did not last long. Yuga Labs was not technically involved in the token’s launch. However, 16 percent of the tokens were given to him. At launch, the four Yuga Labs founders were awarded 8 percent of the tokens. It is reported that those who contributed to the rise were given 14 percent APE.
The remaining 62 percent of the ApeCoin supply has been or will be claimed by some NFT holders. It is stated that all of these are tokens traded in the current period. In the long run, the purpose of the altcoin is to be used in the metaverse game of the Bored Ape Yacht Club. However, for now, the game and its launch date continue to be uncertain.
Have questions or confusion about APE?
Besides, one wonders why APE deserves to have a fully diluted market capitalization of $3.1 billion. Investors can claim value in a decentralized autonomous organization (DAO) or staking. However, as stated by the company, these have never been proven to provide long-term value to investors.
According to the company, Yuga Labs can provide a use case for the token that provides real value. Generally, until this is achieved, investors are required to question. Also, it is unknown whether BAYC or its games will have any value a year from now.
Cryptocurrency exchange Binance’s altcoin BNB
Binance Coin has a total value of $51.3 billion and has limited uses. BNB’s website includes the following statements:
You can use BNB to pay for goods and services, pay transaction fees on Binance Smart Chain, participate in private token sales, and more.
However, the token also has a BNB Chain ecosystem that provides even more benefits. However, this is a token that is ultimately tied to Binance’s transactions, and we’ve seen how that ends up with FTX. It is reported that Binance does not have any publicly available financial resources. In addition, it operates outside of US securities laws. According to the company, investors need to take steps considering these situations.
The truth of BNB is that it depends on Binance to generate value. However, while making these statements, the company states that Binance does not call for bankruptcy, but that this is just an opinion. However, the company draws attention to the declines in the altcoins of crypto exchanges. As a result, it may not be wise to take risks for a company-linked token.
Meme coin project DOGE drew attention
The Dogecoin community is aware of the fact that this was originally a meme coin. But the company states that investing is not a joke. Dogecoin is known to be accepted as payment in some forums. Especially recently, it has seen serious adoption with its rival SHIB. But it is not taken as seriously by businesses as a stablecoin, or even Ethereum or Polygon.
The company draws attention especially to well-established large enterprises. These firms are said to be using advanced blockchains. It is also reported that apart from the meme coin, Ethereum or stablecoins will be taken seriously.
Nasdaq analysts shared their general views, except for BNB and 2 altcoins
The future of cryptocurrency remains uncertain. However, Nasdaq analysts think it would be wise for investors to stick to the highest quality and most widely used tokens available. Ethereum and Solana in particular have two of the largest development communities. Finally, analysts say it would be wise to be cautious right now.
While reminding that current situations may change, it is also stated that unused tokens should be avoided.
