3 cryptocurrencies to avoid trading next week
In the expectation of a bull market for 2024 following the Bitcoin (BTC) halving, token airdrops are becoming popular again.
Although rewarding for its participants, investors should avoid trading recently airdropped cryptocurrencies. This is because these tokens could experience massive sell-offs in the short term, with early receivers realizing their prize.
Interestingly, the larger the number of tokens airdropped, the more likely this token will trend with these holders trying to promote the asset to get enough liquidity for realization. In this context, Finbold picked three cryptocurrencies trending due to recent massive airdrops that investors should avoid trading next week.
Avoid trading Dymension (DYM) IOU token
First, Dymension’s (DYM) airdrop attracted speculators and is currently trending due to its mainnet launch on February 6. Therefore, the DYM distribution airdropped an IOU token – not the real native asset that will launch within the mainnet.
More than the usual risks of trading a recently distributed cryptocurrency, Dymension also exposes traders to liquidity risks as people will redeem the IOU synthetic asset for the real token.
DYM’s IOU is trading at $4.69, keeping a relatively stable history since January 29. Thus, increasing the risks of a dump after the mainnet’s launch.
Jupiter (JUP)
Jupiter (JUP) is another trending cryptocurrency that was recently airdropped, and investors should avoid trading it next week.
Notably, JUP has already experienced a massive drop of 50% from its initial value on January 31, from $1.27 to $0.63. This evidences what can happen with an airdropped token in its first stages. Still, Jupiter has only distributed 13.5% of its total supply, meaning more sell-offs are expected moving forward.
Avoid trading ZetaChain (ZETA)
Finally, ZetaChain (ZETA) is the third cryptocurrency to avoid trading following its airdrop. ZETA is trading in an uptrend from $0.817 to $1.78 at the time of publication. ZetaChain already has a market cap of $420 million, which is relatively high for a new project.
In this aspect, ZETA is the most likely asset to experience a huge dump if the airdrop receivers decide to realize this gigantic profit
It is worth mentioning that highly promoted airdrops also become attractive targets for hackers. For that reason, people participating in these events must be extremely careful when clicking on links and connecting their wallets. Despite the risks, experienced traders can find great opportunities with airdrops or even trading these newly launched cryptocurrencies.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
ZetaChain Price Up 93% in a Day as Mainnet Beta Goes Live – Is This New Crypto Next to Rise?
ZetaChain’s native token, ZETA, saw its price surge 93% in just one day after the project launched the beta version of its layer-1 blockchain mainnet yesterday.
The impressive single-day return, which brought ZETA’s market cap to over $400 million, came about due to speculative investment from those anticipating a successful full launch later this year.
With the new meme coin presale project Meme Kombat (MK) set to go live on exchanges shortly, could this gaming crypto be the next huge gainer once listed on Uniswap?
ZetaChain’s Beta Launch Sparks Buying Frenzy
Yesterday marked a significant milestone for ZetaChain with the launch of its mainnet beta after over two years in development.
The blockchain’s testnet is now fully operational, allowing developers to start building decentralized applications (dApps) using ZetaChain’s Omnichain Smart Contracts.
Unsurprisingly, the mainnet beta launch generated significant buzz around ZetaChain, sparking a buying frenzy for its native ZETA token.
However, the token’s value has pulled back slightly to the $1.74 level, 93% higher than its launch price.
Investors eagerly scooped up ZETA tokens in anticipation of expanding functionality and dApp development ahead of the full mainnet rollout later in 2024.
ZetaChain’s official Twitter account is also rapidly approaching 1 million followers – demonstrating the enormous hype around the project.
With the network also already being tracked by DeFiLlama, a leading decentralized finance data tracker, ZetaChain appears poised for further growth.
What is ZetaChain & Why Are Traders Going Crazy Over It?
So, what exactly is ZetaChain, and why has it captured the crypto market’s attention?
In short, ZetaChain is a layer-1 blockchain focused on simplifying interoperability and connectivity between different cryptocurrency networks.
Using its Omnichain Smart Contracts, ZetaChain allows developers to build dApps that can interact with and transfer value across top blockchains like Ethereum, Bitcoin, BNB Chain, and more.
This eliminates the need for risky token wrapping or bridges.
For end users, ZetaChain offers a unified hub to easily access and manage assets across any blockchain through a single wallet and interface.
With chain-agnostic messaging, future-proofed dApp deployment, and user-friendly access, ZetaChain aims to unlock the full potential of Web3.
Ultimately, the project’s emphasis on flexibility is one of the main reasons for the explosion of interest in its native ZETA token.
As additional functionality rolls out, ZetaChain could be a disruptive force in the blockchain space.
Can Meme Kombat Be the Next Breakout Star After Raising $8m in Presale?
With innovative projects like ZetaChain capturing the crypto market’s attention and delivering enormous returns, the question becomes which new startup could be next to ride this bullish momentum.
All eyes are on the red-hot meme coin sector and one project in particular – Meme Kombat.
Much like ZetaChain, Meme Kombat has recently attracted massive attention from retail investors and traders.
Using the power of AI and blockchain technology, Meme Kombat combines memes and gaming into a platform that offers play-to-earn (P2E) rewards.
Meme Kombat users can earn rewards by choosing the winner of hilarious animated battles between popular meme coin mascots like Wojak and Pepe the Frog.
There will be 11 well-known characters to choose from when Meme Kombat goes live, although the development team, led by Matt Whiteman, plans to offer additional characters in future “seasons.”
With meme coins demonstrating the ability to achieve viral growth, evidenced by the recent price pump of Bonk (BONK), Meme Kombat could be the next niche project to explode in popularity.
Having raised over $8 million in presale funding, Meme Kombat’s developers are now gearing up for the official MK listing on Uniswap.
Members of Meme Kombat’s Telegram community are already eagerly anticipating the project’s launch, believing it could be a catalyst for meteoric growth.
With the crypto market rebounding after a few weeks of bearish momentum, all eyes are on Meme Kombat to potentially be the next under-the-radar token to soar.
Visit Meme Kombat Presale
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