Previous bull markets in crypto have shown how fortunes can be made and lost in the blink of an eye. We have witnessed significant declines in both speculative and less speculative tokens recently. Therefore, it is very important for investors to be careful. crypto analyst Vahid Karaahmetovic warns investors about three ultra-risky altcoins in October.
The first altcoin with a red flag: WEMIX (WEMIX)
WEMIX mega-ekos WEMIX, the cryptocurrency’s native token, has had a bumpy ride over the past year. This altcoin has made some significant gains in recent weeks. However, its risks outweigh its benefits. This is primarily due to WEMIX’s tremendous volatility. Notably, WEMIX’s 30-day volatility is 27.67%. Additionally, CoinCodex describes this volatility as “extremely high.”
In addition, the altcoin price has fallen by more than 45% in the past year. However, it outperformed 75% of the largest crypto assets during this period. The token is also significantly down from its all-time high (-96%). Moreover, it has annual inflation of more than 158%. At press time, WEMIX was trading at $1.02, down 4.26% for the week and up over 78% for the month.
WEMIX 1 month price chart. Source: CoinMarketCapIn second place is Worldcoin (WLD), which is at the center of the controversy.
cryptokoin.com As you follow from , the Worldcoin project made headlines earlier this year as the first artificial intelligence (AI) crypto project to determine “personality” by scanning users’ eyeballs, helping to prove that someone is human and not a robot. Those who agreed to have their eyes scanned during the beta phase received free WLD tokens. Altcoin quickly entered the list of major exchanges such as Binance, Huobi and OKX. As a result, it has attracted some interest among crypto enthusiasts.
However, many people are still skeptical about the entire altcoin project due to Worldcoin’s approach to biometrics, its inability to be used in the US, and the lack of details regarding WLD’s token distribution. Additionally, WLD has exhibited significant volatility since its entry into the market. According to CoinCodex, the token’s 30-day volatility is currently around 18%. Yan is at ‘Very High’ level. Additionally, only 1% of WLD’s total supply is currently in circulation. At the time of writing, WLD remained flat on a weekly basis. Last month, its price increased by 39.9%. However, it is down over 55% from its all-time high.
WLD price chart since July launch. Source: CoinMarketCapThe last altcoin to raise the red flag: ApeCoin (APE)
ApeCoin (APE), the Ethereum-based crypto token associated with the Bored Ape Yacht Club NFT Collection, is not resting. APE rose as high as $26.7 shortly after its launch in March 2022. It then entered a steep downward trajectory amid a major decline in the broader NFT market. Last year, APE underperformed 97% of the top 100 cryptocurrencies. During this period, the altcoin lost approximately 80% of its value. The token is also below its 200-day simple moving average (MA). Additionally, it is trading down 96% from its all-time high. Meanwhile, volatility remains above 6.5%.
In fact, at its current price of $1.09, APE is trading just above its all-time low of $1.06 set in September. The altcoin price saw a decrease of 11.87% last week. Additionally, APE fell 17.33% on a monthly basis.
APE 1 month price chart. Source: CoinMarketCapThe opinions and predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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