I think we can all agree that Fed Chair Jerome Powell’s recent comments have clarified much of the ambiguity surrounding interest rate cuts. Though we could see the Fed holding interest rates “higher for longer,” their likely next move isn’t a rate hike. Nevertheless, with the stickiness in inflation, it’s tough to rule out rate hikes completely. With that in mind, it is wise to think about cryptos to sell.
Despite a relatively strong start last week for Bitcoin (BTC-USD), it stuck to a narrow range of $60,000 to $64,000 for the rest of the week. BTC is down more than 13% for the month due to intense ETF selling pressure. Hence, optimizing your portfolio and offloading cryptos to sell would be prudent amidst the choppiness.
Cryptos to Sell: Shiba Inu (SHIB-USD)
Shiba Inu (SHIB-USD), a dog-themed cryptocurrency that effectively embodies the concept of a meme coin. A meme coin typically has an army of online supporters behind it, but it offers virtually nothing in real-world utility. Consequently, Shiba has taken its investors on a roller-coaster ride since its inception back in 2020.
To say it has experienced ups and downs is an incredible understatement. To its credit though, SHIBA has effectively ridden the tide of social media buzz, especially mentions from big names such as Elon Musk. However, despite the rapid surges in price, it has trended mostly in the red over the past four years. Following its rapid ascent in October 2021 to $0.00008616, it’s down more than 70%.
Last year was massive for cryptos, with SHIB and other meme coins enjoying stellar gains. However, given the current market scenario, it would be unwise to bet on SHIB, especially with its bloated valuation.
Pepe (PEPE-USD)
Pepe (PEPE-USD), draws inspiration from the hugely popular Pepe the Frog meme. Unlike its peers, it embraces its meme coin states, attracting attention and deriving value from its vibrant community. The goal is to leverage the Pepe the Frog meme’s popularity to build engagement for its platform.
Like other meme coins, the PEPE coin experienced a robust surge in value, yielding rapid profits for speculators. However, we’ve seen the enthusiasm wane due to issues such as insider trading allegations. Moreover, it has struggled with security and governance issues in the past year. A key incident involving rogue developers saw $15 million of Pepecoin stolen from its platform.
Additionally, the proliferation of new meme coins places the PEPE token in a rather precarious situation. New meme coins dilute the long-term appeal for PEPE and other OG meme tokens.
Audius (AUDIO-USD)
Audius (AUDIO-USD) aims to disrupt music streaming by prioritizing artist empowerment through its crypto token, AUDIO. The platform focuses on empowering artists to have greater control over their work and earnings. Moreover, by leveraging blockchain technology, the platform safeguards music ownership rights and fosters deeper interactions between artists and fans.
The concept is interesting, especially as it taps into Web 3.0 to revolutionize music streaming by prioritizing artist autonomy. Multiple musicians have championed this cause over the past several years, and Audius could be their catalyst. Hence, through a more transparent system for rights and royalties, Audius could be onto something big. Despite the lofty ambitions, it’s crucial to have substantial user numbers, which Audius currently lacks. In fact, its monthly active user base (MAU) is at just 4.2 million, down from the 7.5 million MAUs reported in 2022. Compare those numbers to the stalwarts in music streaming such as Spotify (NYSE:SPOT), and Audius’ numbers look like mere peanuts.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
