Meme Coins To SKip This Month

Meme coins can ignite curiosity and caution among investors. Among the multitude of cryptocurrencies, there are specific meme coins that attract attention for negative reasons. GameStop (GME) has dominated headlines with its turbulent performance, experiencing a notable decline alongside other meme coins like Slothana (SLOTH), Pitbull (PIT), and PUPS (Ordinals). Despite varying market capitalizations and trading volumes, these coins have all shown signs of distress, prompting a closer examination of their viability as investment options. This article delves into the recent performance of these meme coins and elucidates why they might be best avoided in the current market climate.

GameStop (GME)

GameStop (GME) made waves in the crypto market, in the previous week. Valued at $0.004356, GME has experienced a significant fall, with a 10.81% drop in the last 24 hours and a massive 46.58% decrease in the previous week.

Even with a market cap of nearly $30 million and a significant 24-hour trading volume exceeding $28 million, the 6.7 billion circulating supply of GME is not sufficient to offset its declining trend. Investors need to exercise caution since the overall sentiment for GME is bearish.

Slothana (SLOTH)

Like other meme coins, Slothana is  also facing considerable challenges. SLOTH is currently valued at $0.02595, experiencing a decrease of 26.33% in the last day and 37.58% in the last week. The market capitalization is $44 billion, with a trading volume of $38.4 million within the last 24 hours.

Even though there are 1,483,066,765 SLOTH coins in circulation, the coin’s performance has been poor, causing it to be a risky investment for potential investors.

Pitbull (PIT)

Pitbull, with its massive circulating supply of 1,590,642,894,440,572 PIT, is also facing tough times. Priced at $0.00000006423, PIT has fallen by 9.18% in the last 24 hours and 25.98% over the past week.

The market cap is relatively low at $25.8 million, and its 24-hour trading volume is just $1million. The significant declines and low trading activity indicate potential issues with liquidity and investor confidence.

PUPS (Ordinals)

PUPS (Ordinals), trading at $17.75, has not been immune to the market downturn. This coin has seen a 3.62% drop in the past 24 hours and a 22.07% decline over the last week.

With a market cap of $137.9 million and a 24-hour volume of $2.2 million, the circulating supply of 125,783 PUPS suggests a niche market that is currently not in favor. The recent performance indicates that it might be prudent to avoid this coin until it stabilizes.

Conclusion

As the cryptocurrency market evolves, it is becoming more important for investors to be cautious and discerning when dealing with meme coins. The recent declines seen in GameStop (GME), Slothana (SLOTH), Pitbull (PIT), and PUPS (Ordinals) act as clear warnings of the volatility and risk linked to these speculative assets. Due to substantial decreases in worth, decreasing trade volumes, and uncertain prospects, it is wise for investors to be careful and explore other investment options until these meme coins show more stability and potential. Making well-informed decisions is crucial for protecting financial interests and reducing potential losses in a rapidly changing environment.

 

The post Meme Coins To SKip This Month appeared first on CoinGape.