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There are two groups among crypto experts predicting the future of digital currency. Many anticipate that crypto is the future of the financial system, whereas others assume this market is a bubble that will burst. 2021 was a remarkable year for crypto assets overall market hit approx. $3 trillion and many popular crypto-assets like BTC, ETH, etc., touched a record high.
However, many crypto assets are bubbles and may burst as all coins don’t serve the same purpose and potentiality. So it is better to avoid them as risky investments. This article will introduce you to the top five avoidable coins in 2022.
Common mistakes of novice crypto investors
The crypto market has become attractive to financial investors in recent years, and the investment in these assets rose dramatically during that period. Many new traders are coming into the crypto world without having proper understanding or knowledge. Some of them make money due to the hype, and many are losing for many reasons. The common mistakes that novice crypto investors make are:
- Buying an asset just because the price is low. Note that falling price doesn’t always mean buying opportunity; many reasons make these assets less demandable such as utility, purpose, usability, supply, etc.
- Ofen novice traders fall for scams such as fake coins, spoofing, malicious wallet software, multiplier scams, etc.
- Invest total wealth in a single trade or practice going “All-in” at once.
- Often consider the cryptocurrency market as an easy money-making machine.
- In some cases, they forget crypto key phases by ignoring importance.
The top five avoiding crypto coins
The crypto market got bigger back in 2021. A journey from billions to trillions dollar marketplace that currently has 1600+ coins in circulation, including BTC, USDT, ETH, XRP, ADA, etc. The top five less potential or avoidable coins in 2022 are:
- Shiba Inu (SHIB)
- Dogelon Mars (ELON)
- Floki Inu (FLOKI)
- Dogecoin (DOGE)
- Binance coin (BNB)
Shiba Inu (SHIB)
Fully diluted market cap: $15,774,807,726
Live market cap: $14,562,712,610
SHIB price chart
Once there was a special dog, “Shiba Inu”. They named this coin after that dog as it inspires millions of people to invest in the coin, which has a dog’s image on it. The creation period is Aug 2021. This coin’s price is floating near $0.00002637 today with a 24-H trading volume of $1,278,329,746. SHIB is currently available on many major exchanges, including DigiFinex, Binance, OKX, Bitget, and FTX.
Circulating supply: 549,063.28B SHIB
Total supply: 589,735,030,408,323 SHIB
Max supply: not available
Why should investors avoid SHIB?
It aims to capitalize on the same community effect that Dogecoin did before. The reality is you can consider it as a pump and dump coin as some investors only believe that owning more coins will make them rich.
Dogelon Mars (ELON)
Fully diluted market cap: $814,334,346
Live market cap: $450,717,928
ELON price chart
ELON is a dog-themed meme coin. The creation purpose of this coin is dependent on billionaire entrepreneur Elon Musk’s tweet about an outspoken supporter of Doge. This coin’s price is floating near $0.0000008075 today with a 24-H trading volume of $11,984,187. ELON is currently available on many major exchanges, including OKX, BingX, KuCoin, Gate.io, and Huobi Global.
Circulating supply: 553,480.19B ELON
Total supply: 1,000,000,000,000,000 ELON
Max supply: 1,000,000,000,000,000 ELON
Why should investors avoid ELON?
Dogelon is “the first interplanetary currency” with no absolute utility value. So when the hype is not present, it gets no value.
Floki Inu (FLOKI)
Fully diluted market cap: $409,903,411
Live market cap: $381,883,154
FLOKI price chart
Floki Inu is another dog-themed meme coin. The members and fans of the Shiba Inu community gave birth to this coin. This coin’s price is floating near $0.000041 today with a 24-H trading volume of $5,476,875. ELON is currently available on many major exchanges, including MEXC, DigiFinex, BingX, Bitget, and Gate.io.
Circulating supply: 9,180.76B FLOKI (self-reported)
Total supply: 9,139,744,001,871 FLOKI
Max supply: 10,000,000,000,000 FLOKI
Why should investors avoid FLOKI?
This coin soars every time Tesla CEO Elon Musk tweets Shiba Inu, who has absolutely nothing to do with this project. So it follows a misappropriated buzz. Most businesses aren’t willing to take FLOKI; only 1700 stores allow this coin.
Dogecoin (DOGE)
Fully diluted market cap: $18,326,186,796
Live market cap: $18,299,294,798
DOGE price chart
The popular meme on the internet `doge” based coin is Dogecoin, which has a Shiba Inu picture in its logo. This coin’s price is floating near $0.1378 today with a 24-H trading volume of $487,830,453. DOGE is currently available on many major exchanges, including FTX, Binance, BitCoke, OKX, and DigiFinex.
Circulating supply: 132.67B DOGE
Total supply: 132,670,764,300 DOGE
Max supply: Not available
Why should investors avoid DOGE?
Misappropriated Elon Musk tweets sent this coin higher. This coin has some connection with that billionaire as he only owns three coins, and it is one of them. Moreover, the transaction fees are also high for this coin when comparing others in the same category. Likely 2000 merchants worldwide are willing to accept this coin.
Binance coin (BNB)
Fully diluted market cap: $62,495,100,114
Live market cap: $62,495,100,451
BNB price chart
BNB is the native coin of the biggest crypto exchange platform Binance. The launching period of this platform is 2017. This coin’s price is floating near $377.40 today, with a 24-H trading volume of $1,446,119,422. BNB is currently available on many major exchanges, including CoinTiger, Binance, Bitget, Bybit, and FTX.
Circulating supply: 165,116,760.89 BNB
Total supply: 165,116,761 BNB
Max supply: 165,116,761 BNB
Why should investors avoid BNB?
There is less utility this coin offers outside the platform, and however, you can save up to 50% transaction fees rather than Bitcoin when using this coin. However, the team is conducting a repurchasing program to burn out the coins to keep the demand intact.
Pros and cons
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Final thought
Many crypto experts anticipate that many crypto assets bubbles will deflate in 2022. These assets above don’t serve some primary purposes of an Ideal crypto coin. So it is better to choose by checking on some basic facts to learn potentiality before investing.
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