The three cryptocurrencies to avoid in November 2022 and possibly 2023

According to CoinMarketCap.com, the total value of over 21,600 digital currencies fell below $1 trillion after peaking at around $3 trillion in the second week of November 2021. It can be argued that this can be blamed on a number of digital currency projects that have failed to live up to expectations.

Despite the fact that cryptocurrencies are still in their infancy and are constantly evolving, some related projects and currencies are definitely bad news. Here is a list of three popular cryptocurrencies to avoid in November.

ApeCoin (APE)

ApeCoin is a cryptocurrency created by Yuga Labs. The same company also brought us NFTs Bored Ape Yacht Club and its spinoff Mutant Apes. CAD ApeCoin manages this cryptocurrency.

Apecoin took the cryptocurrency market by storm when it launched. it The ERC-20 token gives holders a special place within the APE ecosystem. It is a token of ecosystem governance that allows ApeCoin holders to participate in the ApeCoin DAO. Users can access games, merchandise, events and services using this token.

ApeCoin has lost nearly 80% of its value from its all-time high. The NFT market has run out of steam and until ApeCoin shows tangible value and utility, it is not worth buying.

Axie Infinity (AXS)

AXS is an Ethereum token that empowers Axie Infinity, a blockchain-based game in which players battle, collect and build a digital empire for their pets. AXS holders can earn prizes by placing their tokens, playing the game and voting on critical governance decisions.

Axie Infinity sets itself apart by allowing users to own their own shafts using non-fungible tokens (NFTs). For decades, PC and console game developers have retained ownership of all in-game inventions. Blockchain-based games promised to revolutionize all of this by giving players ownership of their creations and the ability to monetize them. .

However, according to TokenTerminal.com, Axie Infinity generated only $1.6 million in revenue from the dApp protocol in the last 180 days, until November 2, 2022. Axie Infinity’s revenue grew from $126.5 million in January 2022 to 3.2 million dollars in June 2022, to be done[In]CryptoResearch.

Moreover, the interest in NFTs as a tradable vehicle or store of wealth has completely disappeared. Data from Bloomberg shows that the monthly trading volume of NFTs increased from $17.2 billion in January 2022 to $466.9 million in September 2022. For those keeping track of developments, that appears to be a 97% drop. And a big setback for a company focused on games based on NFT character ownership and NFT market transactions.

Shiba Inu ($SHIB)

shiba inus is famous for delivering what may be the largest annual growth of an investable asset in history. SHIB holders saw gains of over 121,000,000% on October 27, 2021, from an initial value of $0.0000000000073 per SHIB coin on January 1, 2021. Shiba Inu finally ended 2021 with a gain of about 40.00% after a decline of 40.00 %. The digital currency has shown how effective Fear of Missing Out (FOMO) investing can be in the crypto industry.

However, Shiba Inu lacks the competitive edge and distinction to stand out among over 21,600 cryptocurrency projects. Shiba Inu is essentially an ERC-20 token on the platform Ethereum. Although Ethereum is a popular choice for dApp developers, its popularity has resulted in somewhat slow processing times and high transaction costs.

SHIB is also not a popular payment currency. Despite the enthusiasm it evokes I tweetthe number of Shiba Inu traders on Cryptwerk has remained stable this year (659, as of November 2022).

This is most likely due to the fact that SHIB signs lost up to 91% of their value last year and that companies are reluctant to accept such high volatility.

Although the creators of Shiba Inu are trying to develop blockchain-based games, the popularity of NFTs and blockchain-based games seems to have peaked. The hypothesis that pushed SHIB to significant steps in 2021 simply cannot be repeated.

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