5 Cryptocurrencies to Avoid in 2024: Scam Alert!

Introduction

Crypto is getting more popular every day, and new investors, like me once, find it hard to avoid sketchy projects. I remember the excitement I felt when I first got into crypto, thinking I could make quick money. But many projects are just not good. They can lead you to lose a lot of money. I want to share five coins and tokens that I think you should really avoid if you don’t want to get burned.

5 Cryptocurrencies to Avoid

ApeCoin ($APE)

During its entire journey, it presented itself as an overhyped and insecure crypto project. Selling overpriced monkey pictures and others NFTs that actually hold no significant value and lacking any significant partnerships. Afterward, it offered to stake coins with high annual percentage yields, and as expected, the value of this coin decreased by 80%. At some point, investors and those who received these tokens for free after purchasing monkey pictures were disappointed and sold them for minor profits. Despite a significant drop in price, people still do not want to buy it. Purchasing this token can be too risky, so be cautious.

Dogecoin ($DOGE)

The fact is, Dogecoin was created as a joke based on a meme, unlike Bitcoin or Ethereum, which have underlying technologies and use cases. Some argue that Dogecoin lacks the fundamental value that other cryptocurrencies might have.

Due to its lower market capitalization compared to major cryptocurrencies, Dogecoin can be more susceptible to price manipulation by large holders, also known as 'whales.' Even Elon Musk's recent tweets have had no significant impact on its price. Many people invest in Dogecoin hoping its value will increase, rather than because they believe in its long-term viability. Investing based on speculation can be risky, as it's essentially betting on market sentiment rather than fundamentals.

FTX Token ($FTT)

Now let’s get to the FTX Token. This one makes my skin crawl a bit. After the collapse of the FTX exchange, it was clear to me that this token didn’t have a real purpose. I remember when the news hit; it was chaos. The price dropped, and it felt like everyone was panicking. I wouldn’t be surprised if it keeps going down.

If you’re still holding onto FTT, it might be time to rethink your strategy. I once held onto a bad investment, thinking it would come back, and I lost more than I wanted to. Sometimes, it’s just better to cut your losses and move on.

Toncoin ($TON) and Notcoin($NOT)

Due to recent news, the CEO of Telegram, Pavel Durov, has been arrested. This situation has an impact on cryptocurrencies related to Telegram ($NOT and $TON). Both of which have declined in value. The uncertainty surrounding Telegram's future and Durov's legal issues have spooked investors, leading to a wave of sudden sell-offs.

While $TON was once considered a promising project, it lost about 16% of its value. Similarly, $NOT, a newer coin linked to Telegram, has also been hit hard, reflecting the broader market's loss of confidence. For those holding these coins, it's a critical time to close their long position, as further declines could be on the horizon. Investors should be cautious and stay informed about any updates regarding Durov's situation. In the volatile world of cryptocurrency, news like this can have swift, so stay alert and avoid potentially risky assets.

There are a few steps on how to avoid crypto scams by yourself

Watch the red flags

Scammers often create fake websites that mimic legitimate projects. Double-check the URL to ensure you are on the correct website. Look for spelling errors, poor design, or inconsistencies that might indicate a scam.

Research

Keeping up with crypto news is important too. I always read the latest updates now. Any news about partnerships or problems can change everything. I missed out on some big news once, and it really hurt my investments. Don’t be like me; stay informed.

Check crypto news

It's important to stay up-to-date with any crypto you want to invest in. Any events, partnerships, collapses may significantly impact its price.

Conclusion

Investing in cryptocurrency can be thrilling, but it can also lead to losses if you’re not careful. By avoiding coins like ApeCoin, Dogecoin, FTX Token, Toncoin, and Notcoin, you can protect your money. Always do your research, watch for red flags, and stay updated. Learning from my mistakes has made me a more cautious investor. If you keep these lessons in mind, you’ll be better prepared for the wild world of crypto. Stay smart, stay safe, and happy investing!