Crypto’s down, NFTs are down, Web3 gaming is stalled… The world’s in a bit of a financial downturn post-Covid and due to the Russia-Ukrainian war. That means it shouldn’t come as a surprise that more new-age investments and innovations are on the backburner for a lot of folks.
Of course, it’s not all doom and gloom. There are plenty of exciting projects still trucking along, the big boys in crypto are faring fairly well, and, well, there’s always short selling if you feel like it could be a good move.
If you want to invest in altcoins in the current market, it’s essential to do your research. Reading up on reviews is one way to go about it, of course. The more you know, the better equipped you’d be to make more judicious decisions. Besides, altcoins which are notoriously doing badly will be less likely to be accepted as methods of payment. Case in point, if you’re the occasional gambler and enjoy using crypto, highly reputable operators like Raging Bull Casino will only accept BTC, therefore doing the necessary research goes a long way.
However, there are some altcoins that we feel shouldn’t be touched with a ten-foot pole, at least until economies are on the upswing again or market conditions change. We have rounded up five poor performers who can’t seem to catch a break. Check them out and be sure not to click on that purchase button without a damn good reason behind it.
1. Bibox Token (BIX)
Bibox is currently billing itself as the “First AI Digital Asset TradePlatform”, which is a fairly interesting bold tagline in and of itself, as it’s missing a whole space in the title. Or perhaps a TradePlatform is a thing? The project is an asset exchange that runs with BIX as its native coin, which is based on Ethereum ERC20. The project is long standing but not a good performer in the markets overall. While Bibox is trying to gain traction in geographies like Vietnam and Nigeria, in more established markets it is not considered a coin of interest.
2. ABBC Coin (ABBC)
In the crypto game since all the way back in 2017, ABBC Coin have had had lofty aspirations as a DeFi company, across e-commerce and other finance verticals. However, ABBC’s roadmap on their website hasn’t been updated, still projecting for first, second, and third quarter of 2021. News on the project has run cold and their goals seem like they are either fictional or currently stalled. Tellingly, their Twitter account has been cold since November of 2022.
3. Dero Project (DER)
Dero presents itself as a decentralized application platform, with private smart contracts and services, its own wallet, and proof of work algorithm with AstroBWT. While a lot of work seemed to be underway in 2020, and a bit more in 2021, since around 2022, the project has also seemingly gone cold. There is little to no positive buzz for this coin around so it’s best to keep it at arm’s length unless you have a valid, hot tip.
4. Kusama (KSM)
Kusama is a Polkadot-based parachain project that was designed to be a fast and agile development environment for bold new ideas. With parachains, users have the chance to build their own blockchain projects or hubs for their own specific use cases. Kusama itself is ambitious and sexy and rode the wave of Web3 interest before the market got scared. But because interest, in general, has waned, so too has the interest in Kusama.
5. Telos (TLOS)
Telos is a blockchain project that had a lot of hype throughout its bull run but now seems to be a little lost on what to do next. Touting themselves as “The most powerful and scalable Ethereum Smart Contract platform available today,” Telos has been through a few different design iterations and directions to get to where it is today, which is aimed at… gaming? It’s not quite as dead as some of the other projects on our list appear to be, but it’s nowhere near the $1B market cap that some investors were projecting back in the day.
Bears all round
Like many other markets, crypto is experiencing bears all around. Investing in altcoins at the moment is a game for experienced players only. While the big names in the game are unlikely to experience significant price fluctuations, other altcoins may be a little more volatile, especially as some go under during this cold winter period. With less money in the industry overall, it’s time to keep your eyes on coins with serious partnerships and investors, and, most importantly, don’t buy into the hype.
