7 Speculative Cryptos to Avoid as Focus Shifts to High-Utility Coins

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7 Speculative Cryptos to Avoid as Focus Shifts to High-Utility Coins

Posted by Thomas Niel on Saturday, June 12, 2021 Under: Technical Analysis

Slide 5 of 8: MonaCoin never quite caught on among U.S.-based investors. But, as InvestorPlace's Brenden Rearick broke it down back in April, this Japanese counterpart to Dogecoin was another memecoin name that could have broken out into the mainstream. Unfortunately, it didn't. As seen from its price history, MONA-USD experienced a huge run-up during the last crypto craze, in 2017. But, in 2021? So far this year, it has traded sideways (it trades for around $1.96 today) and thats with the sharp increase of inflows into digital assets. It saw relatively lower levels of losses during the meltdown. Even so, don't take this to mean this is a speculative crypto set to take off anytime soon. Sure, it's been approved by regulators for transactional use in its home market; it has some degree of utility. Still, this usability is more in the novelty sense, as seen with Dogecoin in the U.S. But, it's far from being in the running to supplant Ethereum when it comes to more sophisticated transactions. 8 Tech Stocks That Are Helping to Build the Next Big Thing An enterprising crypto aficionado, with enough capital and clout, could theoretically help turn this into a more substantial force in the blockchain economy. Yet, for now, expect this to remain a more arcane crypto, well-known in Japan, but largely unknown everywhere else.

After last month's meltdown, what lies ahead for the cryptocurrency market? Coins with high utility such as Cardano (CCC:ADA-USD) and Polygon (CCC:MATIC-USD) have shown more resiliency at the expense of established coins, like Bitcoin (CCC:BTC-USD), and Ethereum (CCC:ETH-USD). And, for more speculative coins? They've attempted to recover as well. But, as the dust continues to settle, their prospects may be weakening. A large factor in the run-up in these names experienced up until the correction was due to the "meme stock" community pivoting towards the digital asset class. Yet, as seen in recent days, this energy has shifted back to "meme stocks." Without this energy, it's going to be tough for altcoins with lesser utility to make a comeback. Worse yet, as more of the brashest crypto bulls still "HODLING" onto their coins now realize that the boom times are over, an additional investor exodus may be around the corner.

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In short, many cryptocurrencies, still down from their highs, could wind up giving up more of their 2021 gains. So which coins should you avoid to prevent further losses? These seven, a mix of "memecoins," as well as cryptos with moderate utility levels, are some of the top names to stay away from: BitTorrent Token (CCC:BTT-USD) Dogecoin (CCC:DOGE-USD) Ethereum Classic (CCC:ETC-USD) MonaCoin (CCC:MONA-USD) Kishu Inu (CCC:KISHU-USD) Shiba Inu (CCC:SHIB-USD) Stellar Lumens (CCC:XLM-USD)

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