Crypto investors are constantly on the lookout for the next big opportunity. However, not all digital assets are created equal, and some may be better off avoided, at least for the time being. In this article, we’ll take a closer look at BEAM, etch.ai (FET), and dogwifhat (WIF), and explore why these cryptos might not be the best investments this month.
One of the most significant factors to consider when evaluating a cryptocurrency is its price action. In the case of BEAM, FET, and WIF, their recent price movements have been less than encouraging.
BEAM: Gaming Narrative Cooling Off
BEAM, a cryptocurrency with a gaming narrative, has seen its price decline sharply since March, dropping by more than 50% from $0.044 to $0.021. Over the past two weeks, it has been range-bound, trading between $0.026 and $0.03. Despite the current bullish trajectory in the market, BEAM’s price action is not following suit, which could be a cause for concern.
FET: AI Narrative Losing Steam
FET, another cryptocurrency with an AI narrative, has also failed to capitalize on the trending narrative in the market. Its price has dropped by more than 20% in the last two weeks, ranging between $2.5 and $1.9. Currently, the price is sliding towards the lower part of the range, further diminishing its investment appeal.
While meme coins have been a hot topic in the crypto community, not all of them are performing equally well. This brings us to dogwifhat (WIF), a meme coin that had a parabolic pump but is now cooling off.
dogwifhat (WIF): Cooling Off After Parabolic Pump
dogwifhat (WIF) is currently trading below a key resistance level of $3.4, indicating a potential downward trajectory. However, the coin has been consistently bouncing off a trendline since March, suggesting that a price recovery might be on the horizon.
One of the most trending meme coins at the moment is FLOKI. The attention given to this token could be one of the factors affecting other meme coins in the market, including WIF.
As stated by the X account BITCOINLFG®, “BREAKING: #BNB chain has acknowledged $FLOKI as the biggest #memecoin on its chain. #FLOKI has been outperforming $PEPE, $BONK, $WIF, $DOGE, and $SHIB recently due to $BNB hitting ATH, since it is the biggest memecoin on BNB chain.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read Also: Why Cardano (ADA), JasmyCoin (JASMY), and Shiba Inu (SHIB) Prices are Surging
The BNB Chain has acknowledged FLOKI as its biggest meme coin. This recognition, coupled with the recent all-time high of BNB (the native cryptocurrency of the BNB Chain), has fueled FLOKI’s outperformance compared to other popular meme coins like PEPE, BONK, WIF (dogwifhat), DOGE, and SHIB. As the leading meme coin on the BNB ecosystem, FLOKI has benefited from increased attention and investment, driving its success over its meme coin counterparts.
While BEAM, FET, and dogwifhat (WIF) may have their merits, their recent price action and market trends suggest that they might not be the best investment choices this month.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
