The end of 2022 saw a drastic change compared to the same period the year before for cryptocurrencies. If you hold coins and tokens, you will realize that they are worth a lot less than before.
Changing times for cryptos
The US Federal Reserve had implemented a quantitative easing strategy which saw a lot of changes for investors. This has somewhat reversed the incentives that drew millions of investors to the cryptocurrency market earlier.
Hence, this is surely a bad time to be holding too many tokens. The common game plan would be to sell them off, especially those that you might foresee disappearing in the near future.
Not all cryptocurrencies will disappear for sure but in the last 6 months, more than a handful of new ones have cropped up and many of them will surely die off. Here are some that you should be getting rid of as soon as possible.
ETC or Ethereum Classic is one cryptocurrency that many have regarded to have outlived its purpose. It has often been claimed to be the ‘true Ethereum’, this proof-of-work network platform is not as practical as it started out to be.
Without any meaningful value and the fact that it does not scale makes it a cryptocurrency that is no longer worth keeping.
Monero and Zcash
Zcash, trading on ZEC and Monero that uses XMR is known to be quite practical. With more governments implementing regulations on privacy cryptos, it simply means that these tokens are in the limelight for the wrong reasons.
One such regulation is KYC (know your customer) which means that very soon, privacy cryptos will be at risk. If you are holding these coins, it is best to sell them off as soon as you can.
Terra Classic and Tera 2.0
Terra Classic or LUNC was once seen as the future of cryptocurrency. But it collapsed a few years ago and since then, it is no longer as promising as it used to be.
The developers have been trying to keep the project alive but it is now just a fraction of what it was. Its layer-1 network with its own ecosystem. This provided the platform for many investors to enjoy passive income due to the arbitrage opportunities.
Like Ethereum Classic, it claims to be the genuine Terra but that would be further from the real picture.
Meanwhile, Terra 2.0 (LUNA) is supposedly the newer version of LUNA which was also supposed to be better. The only problem is that they came out half-baked and in the end, it was neither here nor there.
The promise of a place for developers to build on the layer-1 platform was met with lackluster responses. It was later revealed that the founder used his own secret wallet to push through.
Considered to be one of the most original cryptos of its time that offer music streaming, it failed to live up to the competition despite having some big players involved.
AUDIO was simply trying to provide a blockchain solution to a non-existent problem. There were already many streaming music services in the market which were doing pretty well. And building on a catalog from scratch did not help AUDIO much either.
Promoting blockchain in music streaming might sound new but it became a problem later as many others were doing way better.
Other coins that should be sold now
Besides those mentioned above, there are others smaller but notable ones that should be sold in the shortest time possible.
- Bitcoin Cash (BCH-USD) and Bitcoin SV (BSV-USD) – They no longer solve any new projects and has since lost their purpose from the original objectives.
- The expensive coins like Tron (TRX) and Solana (SOL). ETH would be sufficient to handle similar projects.
- Chiliz – Popular among its fans but no longer serves many purposes.
- Axie Infinity – The AXS has been talked about as being the one to sell for a few months now and this trend continues to be such.
- Polkadot – Together with KUSAMA (KSM), they do not give enough scaling to be future-proof.
- Stellar – Promising cross-border payments initially, this has fallen behind the other stronger cryptos in the market that has since taken over the lead.
- Aptos – A newer crypto to be launched recently, the world does not need another hyped-up crypto at the moment.
- Tether – One of the stablecoins, USDT would be top of any list to reject due to its collapse. Couple with its bad publicity, this is one token that needs to go quickly.