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The cryptocurrency market is experiencing a crypto winter. Not all of the virtual assets will be able to survive it. There are those who, in the event of a long period of stagnation, are likely to either replenish the large cemetery of Shitcoins, losing both the audience and the prospect of returning to the economy.
Which of the cryptocurrencies are candidates for departure? Here is a list of some of them. At the same time, it should be immediately clarified that it cannot be ruled out that they will still be able to hold on, although the chances are small.
The project has a capitalization of at least $ 10 billion, the management is carried out by Charles Hoskinson. But despite the decent capitalization, Cardano is nothing more remarkable. The Daedalus application with the Cardano blockchain synchronizes extremely slowly. Hoskinson streams on his YouTube channel, but that doesn’t help raise investments for the platform.
There is no particular interest in Cardano from venture capital funds, the press has almost stopped writing about the Cardano ecosystem. There is no practical benefit from the protocol now, financial organizations are investing in other projects. Against the backdrop of a recession in the market, Cardano looks unpromising and, if a development card is not offered within the next few months, Cardano will join the list of shitocoins.
Dogecoin and Shiba Inu
Dogecoin and Shiba Inu. They have large and active communities. Elon Musk supports DOGE. Some platforms use them as means of payment. But most of the community are Tiktok experts and investors who care only about hype, nothing more. If the recession in the cryptocurrency market lasts a long time, regulators will take measures to tighten control over memecoins, especially as DOGE becomes increasingly popular on the Darknet, and a new meme-coin with better conditions will appear, Dogecoin and Shiba Inu may lose popularity.
It is unclear what will happen next with this asset. It seems that the community is working, but no breakthrough ideas are provided. All the efforts of Vitalik Buterin are focused on Ethereum 2.0. The practical value of Ethereum Classic is declining and it is not known what will happen next with it.
Bitcoin Cash, Bitcoin SV, Bitcoin Gold
All eyes are now on Bitcoin. The capitalization of Bitcoin Cash, Bitcoin SV, Bitcoin Gold is incomparable with BTC, companies have almost stopped buying them as reserve assets. Even Roger Ver himself, one of the most famous supporters of Bitcoin Cash, has ceased to support it and pays much more attention to meme coins. There is no special media activity in the above forks, and it cannot be ruled out that they will quietly leave the market for outsiders.
The asset has appeared since 2017, but despite the fact that the number of transactions is quite large and amounts to millions per day, there is nothing else. The ecosystem has no more than 10 protocols, while BSC, Avalanche, Polygon have hundreds of such protocols. Tron is associated with Justin Sun, who very often gets into a variety of scandals and unpleasant stories. Justin San is often compared to Do Kwon. If Justin continues to get into scandals, investors may turn away from the project, especially since the number of protocols on Tron has not increased over the past few months.
This currency has been experiencing a gradual decline in positions for the past 4 years. Its role in the current cryptocurrency market system is increasingly unclear. Bitcoin is the leader, ETH is used in DeFi, stablecoins are used for payments, Monero is used for private transactions. The number of transactions per day on the Dash network has remained at a small level for several years (15,000 per day), the number of subscribers in social networks is not growing. Therefore, there is also a high probability that Dash will go into the category of shitcoins.
Can all of the above cryptocurrencies turn out to be a kind of digital dead? Yes, this is quite possible, if their developers do not take extraordinary measures. However, other assets may be in their place, although their situation is now much better. A prime example is TerraUSD, which was considered a reliable stablecoin, and it collapsed within a few weeks.
Thus, when investing in cryptocurrency, it is always worth considering the risks and not investing all the funds in only one asset, even if it seems the most profitable and safe.
Author: Vadim Gruzdev, Analyst at Freedman Club Crypto News
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