Investorplace analysts say that unstable price movements and insufficient technological requirements will be devastating for these 3 altcoins. Last week’s red list included DOGE, SHIB and BTG.
3 altcoins “doomed” according to Investorplace analysts
Bitcoin Gold (BTG) has been on analysts’ radar for a while. Representing the digital form of gold, Bitcoin Gold has been exhibiting unstable movements in terms of price recently. It has recorded more than 95% value since its birth in 2017.
Also, investors are turning to tangible gold instead of digital, especially when economic storms break out. This shows that BTG is no longer as effective as it used to be. Therefore, instead of betting on BTG, investing in physical gold or directly in Bitcoin will be a more reliable choice.
Shiba Inu (SHIB)
The Shiba Inu has been on the red list for a while. Rooted in humor, like Dogecoin, the Shiba Inu has managed to attract audacious investors. It still manages to rank among the biggest meme tokens. However, his most recent performance, where he is now out of the top 20, has revealed some reservations for SHIB. SHIB, which once traded in the top 15, is now heading towards the back row due to its geared rivals like PEPE.
Also, Shiba’s future is extremely bleak and offers little positive development for its investors. The Shibarium update has been plagued with several delays and skepticism in recent weeks. As a result, SHIB lost a ton of value. It remains one of the most volatile cryptocurrencies at the moment. Therefore, like other meme projects, it has to be replaced by new players after a massive rally.
Axie Infinity (AXS)
Axie Infinity is the newest member of the roster. The reservations about AXS are based on the gaming industry. Axie Infinity was once a dazzling player in the crypto space. But now he finds himself in an air of doubt, like most altcoins. This demand was linked to two missing factors. The first is that P2E players are no longer as complacent as they used to be. Also, last year’s multimillion-dollar hack also discredited AXS a lot. cryptocoin.comWe have included an interesting detail about hacking in this article.
Recently, Sky Mavis noticed millions of failed transactions on the Ronin explorer.
This post details the context, our solution and considerations behind it 👇https://t.co/gLxUFq9Me4
— Ronin (@Ronin_Network) November 8, 2022
Last year’s Axie cyber heist resulted in a grisly loss of $615 million. Thus, it cast a long shadow over the Axie environment. Furthermore, the event triggered a noticeable drop in active addresses on its platform. As if that weren’t enough, the SEC’s potential AXS classification further aggravated the security. In summary, amid unresolved US court results and impending regulatory specters, future liquidity and demand for AXS looks unattractive.
