While recent trends show an upward movement in crypto prices, the market remains highly volatile. Investors need to be aware that significant price fluctuations are common in this space. That’s why in this article, we’re going to mention 3 cryptos to avoid trading today.
The Risk of Snowballing Declines
Investing in cryptocurrencies that have recently experienced significant price drops can be particularly risky. These tokens might continue to fall in a snowball effect, driven by market sentiment and panic selling. The recent market dynamics, coupled with the inherent volatility of cryptocurrencies, mean that some altcoins could potentially see further declines.
3 Cryptos to Avoid Trading
#1 Trust Wallet Token (TWT)
Trust Wallet Token (TWT) operates on the BNB Smart Chain (BEP20) platform. With a circulating supply of approximately 416.65 million out of a total supply of 999.67 million, TWT’s recent price was around $1.26, marking a decrease of 5.97% in the last 24 hours. The token is actively traded across 195 markets, with a recent 24-hour trading volume of about $36.75 million. Despite its active market presence, the inherent volatility of TWT, especially in the wake of market uncertainties, makes it a risky bet for the upcoming week.
#2 PancakeSwap (CAKE)
PancakeSwap (CAKE), a prominent player in the DeFi and DEX sector, is another cryptocurrency to be cautious about. With a circulating supply of around 228.84 million out of a total supply of 387.07 million, CAKE’s price has recently been around $2.16, experiencing a 1.28% decrease. The token is traded on over 1175 active markets, with a substantial 24-hour trading volume of approximately $124.20 million. However, given the token’s exposure to the volatile DeFi sector and recent market trends, CAKE could be susceptible to sudden price movements.
#3 Neo (NEO)
NEO, a cryptocurrency with a focus on smart contracts and enterprise solutions, has a circulating supply of about 70.54 million out of a total supply of 100 million. The recent price of NEO was approximately $12.19, showing a decline of 3.56% in the last 24 hours. It’s traded across 298 active markets, with a recent 24-hour trading volume of around $77.15 million. Despite its established platform, NEO’s current market position suggests potential risks in the short term.
