3 Altcoins to Dump Right Now as Bitcoin (BTC) Struggles

As Bitcoin (BTC USD) continues to struggle, it's a good time to think about dumping and selling altcoins. Here are three altcoins to sell.

As Bitcoin (BTC) continues to falter, it might be time to consider dumping altcoins.

The leading crypto indicator fell below the $58,000 mark due to expected payouts to Mt. Gox creditors and the German government’s BTC transactions. Moreover, we’ve also seen a significant decline in ETF inflows over the past few months. These headwinds have impacted BTC prices substantially, causing it to decline by over 15% this month.

While the sector’s broader fundamentals remain compelling, the current scenario warrants strategic adjustments. With several rate cuts later this year that could get the ball rolling again, it might be best to tailor your crypto portfolio to the cream of the industry in this scenario.

Moreover, investors should consider dumping volatile altcoins that are likely to continue spiraling downwards. With that in mind, here are three altcoins to sell that are more susceptible than others and will continue to erode investor value due to market volatility.

1. Ripple (XRP)

Once an up-and-coming crypto darling, XRP now finds itself at a crossroads as it navigates a challenging landscape. The platform made its mark with its transformative decentralized financial payments network and became a leading provider of cross-border payment solutions. It boasts incredibly fast transaction speeds, boasting the ability to process transactions within four seconds.

But despite targeting a massive addressable market, Ripple's performance has been lackluster. The company has struggled to maintain a strong foothold while its competitors continue to post impressive gains.

Moreover, the ongoing legal dispute with the Securities and Exchange Commission (SEC) further complicates the situation. Judge Analisa Torres’ nuanced ruling was a mixed bag for Ripple and its investors. While retail transactions were found to be in violation of securities laws, it was intended for direct sales to institutions. However, an impending threat of a $1.95 billion fine will continue to weigh on its valuation.

2. Shiba Inu (SHIB)

As one of the most popular meme coins, SHIB has garnered a substantial online following. Yet despite its popularity, it remains a highly speculative bet that’s more likely to burn investors than not.

As a result, the platform has faced massive outflows, indicating major liquidity issues. Moreover, SHIB investors will continue to experience extreme volatility with overall market shifts and regulatory hurdles impacting its valuation. Therefore, SHIB is a clear sell for investors with a long-term investment horizon, especially when compared to more established crypto giants in the industry.

Recently, the SHIB community was excited about an impressive 4000% increase in its burning speed. However, the market reacted in the opposite way; SHIB lost more than 30% of its value in the past month alone. As such, it's hard to tell where SHIB will end up, which is why it's best to steer clear of a meme token with such high volatility.

3. Axie Infinity (AXS)

Once a giant in blockchain gaming, Axie Infinity’s diverse metaverse allowed players to engage with over 500 NFT-based creatures. But while Axie Infinity capitalized on its claim as a Metaverse pioneer early on, it has struggled since then. Blockchain gaming is on the decline, and according to data from Big Blockchain Gaming, 31% of blockchain games were either canceled or discontinued last year. Additionally, the blockchain gaming sector recorded 68 investment deals in the first quarter (Q1) of this year, a worrying 57% decline from the peak of activity in Q1 of 2022.

As a result, we’ve seen Axie lose a ton of value, declining by a disheartening 41% year-to-date (YTD). However, it hasn’t been a good investment for some time, considering it has lost 50% of its value in the last three years. Perhaps part of this is due to a staggering $615 million cyber theft in March 2022 that compromised the integrity of the ecosystem. Ultimately, these challenges have left Axie struggling to regain its former glory, casting a shadow over its future.

At the time of publication, Muslim Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

The above is the detailed content of 3 Altcoins to Dump Right Now as Bitcoin (BTC) Struggles. For more information, please follow other related articles on the PHP Chinese website!