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3 Cryptos to Sell Before Letting You Hold the Bag


Cryptocurrencies are a hot topic and many people have invested in these digital assets. However, it is important to know when to sell or avoid cryptos, especially in the current bear market.

Many cryptocurrencies have been created in recent years. Some of them turned out to be duds, while others turned out to be legitimate projects with potential for growth and profitability.

Some people argue that it is too early for investors to sell their cryptos while others believe that it is time to start selling cryptos so as not to miss out on the gains to come.

In the year so far, major coins have fallen significantly. And overall, Bitcoin (BTC-USD) leads the crisis, unfortunately. It recently fell below $18,000, but rallied back above $20,000. In this environment, it is no surprise that investors are looking for cryptos to sell rather than buy.

With all that in mind, this article will give you reasons to reduce or sell your positions in certain cryptos.

Of course, the best approach to this would be for each investor to decide for themselves if they want to sell or avoid cryptos based on their risk appetite and investment goals. Nevertheless, these three cryptos stand out as the ones to get rid of.

SHIB-USD shiba inus $0.00000998
ELON-USD Dogelon Mars $0.00000026
APE-USD ApeCoin $0.002736

Cryptos for sale: Shiba Inu (SHIB-USD)

Source: salarko / Shutterstock.com

The year so far has not been kind to cryptos. The price of various cryptocurrencies is crashing to new 2022 lows as hedge funds and institutional investors attempt to withdraw their funds and shift their capital to safer investments.

In turn, only the most risk-tolerant investors are staying the course right now. But even for them, the list of cryptos to buy is slim. It is difficult to predict the future of cryptocurrencies, which makes them riskier than traditional investments like stocks, bonds or real estate.

When you add a social media mix, all bets are off. And this is the unfortunate case of shiba inus (SHIB-USD), a meme coin that was introduced to take advantage of Dogecoinit is (DOGE-USD) hum. Dogecoin is a decentralized peer-to-peer digital currency that lets you easily send money online.

Dogecoin was created as a joke by programmer Billy Markus in 2013. However, it became one of the biggest coins in the world and Shiba Inu wanted to capitalize on that momentum. Fortunately, it did, once reaching a position of $0.000086 on October 27, 2021.

However, Dogecoin has increased its use cases. Meanwhile, Shiba Inu gets stuck with low utility. SHIB is an ERC-20 token on the Ethereum (ETH-USD) blockchain, leading to high transaction costs. To incentivize the network, these “gas” fees must be charged to miners to support and complete transactions.

With all of this in mind, Shiba Inu remains one of the most notable cryptos for sale.

Dogelon Mars (ELON-USD)

3 Cryptos to Sell Before Letting You Hold the Bag

Source: WindAwake / Shutterstock

Before understanding Dogelon Mars, it is important to understand Dogecoin and its intimate relationship with Elon Musk.

Like the rest of the crypto space, Dogecoin had a great 2021. The main reason, however, was not functionality. Instead, Elon Musk’s tweets favoring DOGE have contributed immensely to his valuation. He also associated it with concrete milestones, such as how You’re here (NASDAQ:TSLA) accepts Dogecoin as payment, and SpaceX will follow soon.

Dogelon Mars (ELON-USD) is a project that aims to replicate the success of Dogecoin but also incorporates a nod to Elon Musk’s vision to colonize Mars. Like Shiba Inu, it is an ERC-20 token. Thus, it suffers from expensive gas charges. This can be a huge problem for network users as well as developers who create DApps on the platform.

Also, like my InvestorPlace colleague Omor Ibne Ehsan said, a major problem is that the Methuselah Foundation holds 43.2% of all Dogelon Mars in circulation. If the foundation starts selling the tokens, it could knock off any remaining value. Therefore, it is an extremely risky investment in the crypto space.

Cryptos for sale: ApeCoin (APE-USD)

3 Cryptos to Sell Before Letting You Hold the Bag

Source: photo_gonzo / Shutterstock

ApeCoin (APE-USD) is a meme coin that you can use to buy memes from the ApeCoin marketplace. It was created by the makers of the Bored Ape Yacht Club (NFT) non-fungible token, which is an Ethereum-based platform for digital trading assets.

Overall, like other cryptos on this list, one of the main drawbacks that ApeCoin shares with most other ERC-20 tokens is high gas fees. Additionally, the NFT craze is waning due to the broader economic downturn.

In 2021, the total trading volume amounted to $40 billion. However, between mid-February and March this year, the volume of spending fell sharply, from $3.9 billion to $964 million, according to research by monitoring platform Chainalysis.

Collectively, as I mentioned, the cryptocurrency market is very volatile. And like many other cryptos, the price of APE both appreciates and depreciates, making it difficult to predict the future value of the token. There are already thousands of other cryptocurrencies that ApeCoin has to compete with. And with the uncertainty surrounding a crypto in an uncertain market, that seems like something to avoid.

At the date of publication, Faizan Farooque did not hold (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publication guidelines.

Faizan Farooque is a contributing author for InvestorPlace.com and many other financial sites. Faizan has several years of experience in stock market analysis and was a former data reporter at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions about their portfolio.

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