Altcoins have fallen on hard times during the ongoing crypto winter. In total, Bitcoin and all altcoins have lost over $2 trillion in value over the past few months. While this trend is likely to continue, most altcoins are likely to rebound along with stocks. Here are some of the best altcoins you should never buy.
EOS is a blockchain project spun off from Block.one Initial Coin Offering (ICO) that raised over $4 billion. Today, it is overseen by the EOS Foundation, which is partially independent from Block. It is one of the largest altcoins that has a total market capitalization of almost $1 billion.
EOS has built an operating system known as EOSIO, which is a smart contract platform that seeks to compete with Ethereum and Solana. It claims to be fast and efficient, highly configurable and highly secure.
Although EOS was well funded, the reality is that it failed in the industry. For one thing, no major or well-known apps have been created using the technology.
Moreover, the total volume of these apps available has seen a strong downward trend over the past few months. More importantly, its association with Block, a company fined by the SEC, makes it a bad altcoin to buy.
Read our complete KuCoin Review.
IOTA is another never-buy altcoin. To begin with, IOTA is not a blockchain project. Its developers describe it as a tangled network that connects the IOT to a secure exchange of data and value. It also protects data integrity and auditability. Over the years, the developers have partnered with leading organizations that implement its technology.
IOTA has also launched a new smart contract platform known as Shimmer. However, its reception has been relatively weak in recent months. Some of the best projects in the ecosystem are Accumulator, ApeDAO, Camels DAO and Deposy. However, these products are all relatively small and signal that the coin is in trouble.
Axie Infinity (AXS)
Axie Infinity is a leading blockchain project in the gaming industry. The platform allows people to play games and earn tokens which they can exchange for cash. Players win a cryptocurrency known as Smooth Love Potion (SLP) which has seen its price plummet over the past few months. They can also earn the AXS token in multiple leagues.
Axie Infinity has seen the number of active users drop sharply in recent months. They have gone from over 6 million to less than 500,000. It also seems that its developers are to abandon on the project. Therefore, you should avoid the AXS token at all costs.