3 cryptocurrencies to avoid trading in October
Previous bull markets in crypto showed how fortunes can be made and lost in the blink of an eye.
As we witness recent declines in both speculative and less-speculative tokens, it’s essential for investors to tread carefully.
In this article, we’ll explore three ultra-risky cryptocurrencies that should raise red flags for potential investors in the month of October.
WEMIX (WEMIX)
WEMIX, the native token of the WEMIX mega-ecosystem, has been on a rollercoaster ride over the past year or so.
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While this cryptocurrency saw some significant gains in recent weeks, we believe the risks outweigh the benefits. This is primarily because of the massive volatility of the WEMIX digital utility token.
Notably, WEMIX’s 30-day volatility sits at 27.67%, which is described by CoinCodex as ‘extremely high.”
In addition, the cryptocurrency’s price remains down more than 45% in the past year and was outperformed by 75% of the top crypto assets during that period. The token is also substantially down from its all-time high (-96%) and displays a substantial yearly inflation rate of more than 158%.
At press time on October 6, WEMIX was trading at $1.01, up 0.26% on the day, 5.6% across the week, and over 72% on the month.
Worldcoin (WLD)
The Worldcoin project made headlines earlier this year as the first-ever artificial intelligence (AI) crypto project that determines “personhood” by scanning users’ eyeballs, helping to prove that someone is a person and not a robot.
Those who accepted to get their eyes scanned during the beta phase got free WLD tokens. At first, the digital asset attracted some interest among crypto enthusiasts, especially after getting listed on major exchanges like Binance, Huobi, and OKX, among others.
However, many are still skeptical about the entire project, mainly due to Worldcoin’s approach to biometrics, its unavailability in the US, and the lack of details about WLD’s token distribution.
Furthermore, WLD also displayed substantial volatility since getting launched. Per CoinCodex, the token’s 30-day volatility currently stands at nearly 18%, or ‘Very High.’ Also, only 1% of WLD’s total supply is in circulation at the moment.
At the time of writing, WLD was down 1.1% at $1.56 and more than 8.6% on a weekly basis. Over the past month, its price increased by 33%, although it is still down more than 53% from its all-time high.
ApeCoin (APE)
ApeCoin (APE), the Ethereum-based crypto token associated with the Bored Ape Yacht Club NFT Collection, cannot catch a break. After soaring to as high as $26.7 shortly after its March 2022 launch – the period when popular NFT collections were seen as Web3’s luxurious symbols – APE embarked on a steep downward trajectory amid a massive slump in the broader NFT market.
Over the past year, APE plummeted nearly 80%, underperforming 97% of the top 100 cryptocurrencies in 1 year. The crypto coin is also trading below its 200-day simple moving average (MA) and down 96% from its all-time high, while volatility sits at more than 6.5%.
In fact, at its current price of $1.06, APE is trading just above its all-time low of $1.06 it hit in September. Its price fell over 3.1% on the day, 9.4% in the past week, and more than 18.8% on the monthly chart.
Seeing the extreme risks some cryptocurrencies carry, it is safe to say that adaptability and knowledge are traders’ best allies. For that reason, staying vigilant and conducting thorough research, as well as making informed choices is crucial to avoid substantial losses in the crypto market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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