As cryptocurrencies market always fluctuates, investors and traders must keep a close eye on the market to make informed decisions. Although crypto trading has proven to be lucrative, not all cryptocurrencies are created equal. With the volatility of the market and the high risk of trade deals, investors must be cautious when choosing what to trade and what to avoid. In this article, we will discuss 3 cryptocurrencies that traders should avoid trading in June due to market trends and risks.
3 Cryptocurrencies to Avoid Trading in June: An Analysis
- Dogecoin (DOGE)
Dogecoin has been making headlines due to its volatile price movement in recent months. Although it has gained popularity online and has some celebrity endorsements, it is widely considered a “meme” coin with no real-world application. Its price movement is heavily influenced by social media trends and speculation, making it a risky investment for traders.
- Shiba Inu (SHIB)
Shiba Inu is another “meme” coin that has gained popularity due to its association with Dogecoin. However, it lacks real-world utility and is not backed by a team with a track record of success. Its recent surge in price has been attributed to social media hype, and its lack of intrinsic value make it a risky investment for traders.
- SafeMoon (SAFEMOON)
SafeMoon has gained attention due to its unique tokenomics and its promise of rewards for holders. However, its lack of transparency and the fact that it is not listed on major exchanges make it a risky investment. Its price movement is heavily influenced by social media trends, and its lack of fundamental value make it a speculative investment that traders should avoid.
Market Trends and Risks for Traders to Consider
It is important for traders to consider market trends and risks before investing in cryptocurrencies. In June, the crypto market is expected to continue to experience high volatility due to various factors, including the China crackdown on mining operations and the uncertainty surrounding the regulatory environment. Traders should also be cautious of potential market manipulation and social media hype that can influence price movements. By staying informed of market trends and risks, traders can make well-informed decisions and avoid risky investments.