People who put money into cryptocurrencies have had a challenging year. Bitcoin (BTC), the most popular cryptocurrency on the market, is down more than 70% from its all-time high, and many other projects are down even more. Whether we call this a bear market or a crypto winter, prices are going down, and no one knows when they will start to go up again. Moreover, to get the most out of their bitcoin trading, traders may use websites like http://bitcoinboom.app.
If you want to buy cryptocurrency, now is the time to look for worthwhile projects, have good leadership, and have a clear plan for making money. Most likely, they will do well for a long time. On the other hand, the following cryptocurrencies seem especially risky right now.
Why put money into cryptos tied to one of the biggest crypto failures in history when there are so many smart contract cryptos to choose from? Developers are doing businesses that don’t have a central location, like banks and other businesses, on different ecosystems.
These ecosystems include the large cryptocurrency Ethereum (ETH), the fast cryptocurrency Solana (SOL), and the flexible cryptocurrency Avalanche (AVAX). Even though each has its pros and cons, almost all of them have a better chance of surviving than the two Terras.
After Terra failed publicly, the blockchain broke into two separate chains, now called Terra and Terra Classic. Both are trying to win after starting over, but they have different problems to solve. First of all, South Korea wants to find and catch Do Kwon.
Kwon was one of the people who started the Terra ecosystem, and a warrant for his arrest was made. It’s not clear how much he helped with LUNA 2.0, but it was his idea to change how the company worked. Even though Terra Classic is run by the community, it keeps using the same idea that hasn’t worked in the past.
Shiba Inu (SHIB)
Since Dogecoin (DOGE) became popular, Shiba Inu, based on a meme, has become more popular. What’s going on? Because of the crypto winter, now is not a good time to own meme currencies. Even though the Shiba Inu is becoming more popular, this breed still has a few things to watch out for. No one knows who came up with the idea for the project in the first place, and Ryoshi left the project early this year. Before you put your money into a cryptocurrency, find out who is in charge.
The second problem is that many SHIB tokens are being traded. The project started with a quadrillion tokens, and Vitalik Buterin, who created Ethereum, got half of them right away. Buterin doesn’t like it when businesses with nothing in common give him coins, so he tears up some of them and gives the rest to charity. But this still leaves a lot of tokens, and the only real way for their value to go up is for the community to keep “burning” (destroying) a lot more tokens.
Shiba Inu has gone backward to figure out how the whole world works. It has said that it is making a layer 2 blockchain to make the token on Ethereum work better. A game that can be played to earn tokens has also been discussed. The company is making progress on its metaverse project. But there hasn’t been much real progress that can be checked, despite all the claims and buzzwords. To put it another way, Shiba Inus can only bark; they can’t bite.
Several articles about cryptocurrencies suggest Bitgert as a quick and cheap alternative to Ethereum. But there are some warning signs about the project. One problem is that the company’s website doesn’t say who started the business. Earlier this year, the team tweeted that they were going to say who was on the team, but the tweet was taken down after people said it was fake.
Several websites say that 3% of Bitgert’s transaction fees go toward marketing, which is a red flag in and of itself. But if it does, you can expect that the language on the website won’t be wrong. Zero total value locked on Defi Llama. Defi Llama, which keeps track of how much money is locked on each blockchain, says that the only money locked on Bitgert’s platform is the money staked there. This means that none of the applications made with Bitgert have received any money.