Altcoins have had a difficult time during the ongoing crypto winter. In total, Bitcoin and all altcoins have shed over $2 trillion worth of value in the past few months. While this trend will likely continue, there is a likelihood that most altcoins will rebound together with stocks. Here are some of the top altcoins to never buy.
EOS (EOS)
EOS is a blockchain project that came out of Block.one Initial Coin Offering (ICO) that raised over $4 billion. Today, it it is overseen by EOS Foundation, which is partially independent from Block. It is one of the biggest altcoins that has a total market cap of almost $1 billion.
EOS has built an operating system known as EOSIO, which is a smart contract platform that seeks to compete with the likes of Ethereum and Solana. It claims to be fast and efficient, highly configurable, and highly secure.
While EOS has been funded well, the reality is that it has not succeeded in the industry. For one, there has been no major or well-known application that has been built using the technology.
Also, the total volume of those available apps has been in a strong downward trend in the past few months. Most importantly, its association with Block, a company that was fined by the SEC makes it a bad altcoin to buy.
Read our complete KuCoin review.
IOTA (MIOTA)
IOTA is another altcoins to never buy. For starters, IOTA is not a blockchain project. Its developers describe it as a tangle network that connects IOT with secure data and value exchange. It also protects the integrity and verifiability of data. Over the years, the developers have partnered with leading organizations that are implementing its technology.
IOTA also launched a new smart contract platform known as Shimmer. However, its reception has been relatively weak in the past few months. Some of the top projects in the ecosystem are Accumulator, ApeDAO, Camels DAO, and Deposy. However, these products are all relatively small and signal that the coin is struggling.
Axie Infinity (AXS)
Axie Infinity is a leading blockchain project in the gaming industry. The platform enables people to play games and win tokens that they can exchange for cash. Gamers win a cryptocurrency known as the Smooth Love Potion (SLP) that has seen its price crash in the past few months. They can also win the AXS token in several leagues.
Axie Infinity has seen the number of active users drop sharply in the past few months. They have dropped from over 6 million to less than 500k. It also seems like its developers are giving up on the project. Therefore, you should avoid AXS token at all costs.