Top useless cryptocurrencies to avoid at all cost

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Top useless cryptocurrencies to avoid at all cost

By Crispus Nyaga - min read
  • FTX Token still has a market value of over $450 million.

  • Tribe and FEI ceased operations a few months ago.

  • Celsius Network is still going through bankruptcy.

Cryptocurrency prices remain under intense pressure this month as the FTX implosion continued. Bitcoin remained at $17,800 while the total market cap of all digital coins remains at about $850 billion. With cryptocurrencies being too cheap, it is possible to be attracted to buy the dip. Here are some of the most useless cryptos to avoid at all cost.

Tribe | $TRIBE

First on this list is Tribe, a token that has a market cap of more than $105 million, according to data by CoinMarketCap. Tribe is a useless crypto to invest because Tribe DAO and Fei Protocol ceased development a few months ago. They recommended that holders in Tribe DAO-related contracts should withdraw them after the Rari hack that we wrote on here.

FEI, the network’s stablecoin is still trading and has maintained its peg at $1. It has a market cap of over $400 million. Therefore, with Tribe DAO not being under development, it is not recommended to invest in it since it lacks any utility.

How to buy Tribe

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy TRIBE with KuCoin today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy TRIBE with Swapzone today

FTX Token | $FTT

FTX Token is another useless crypto to invest in. As you are aware, FTX was the official token for the FTX ecosystem. Unlike other exchange tokens like BNB and CRO, it did not have any utility other than offering staking rewards to holders.

Now, FTX has collapsed and its founder is facing decades in prison. Activity within FTX has died as the company navigates bankruptcy proceedings. Still, despite all this, FTT is still valued at over $450 million. 

There are other reasons why FTT is not a good investment. First, unlike Voyager Digital, it is unlikely that the company will be acquired out of bankruptcy. Second, it serves no utility right now. Finally, it is a hyperinflationary token since 100% of FTT have been unblocked. Therefore, it is relatively difficult to recommend to buy FTX.

Celsius | $CEL

Celsius is another useless crypto to avoid. According to CoinMarketCap, it has a market value of over $140 million despite the collapse of Celsius. It remains about 213% above the lowest level this year. 

Celsius, like FTX Token, was used to provide incentives for borrowers and lenders in its ecosystem. Holders also received discounts in its platform. 

Celsius is currently going through bankruptcy in the US. Just last week, the judge overseeing the case ordered the company to pay $44 million to customers. In the end, it is unclear whether Celsius will be acquired from bankruptcy. As such, CEL is still a useless, low-volume token to invest in.

How to buy CEL

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy CEL with Bitstamp today

Celsius

Celsius is proud to provide a platform of curated services that have been abandoned by big banks – things like fair interest, zero fees, and lightning quick transactions. Our goal is to disrupt the financial industry, one happy user at a time, and introduce financial freedom through crypto.

Buy CEL with Celsius today