The three crypto-currencies to avoid in November 2022 and possibly 2023

According to CoinMarketCap.com, the total value of more than 21,600 digital currencies has fallen below $1 trillion after peaking at around $3 trillion in the second week of November 2021. It can be argued that this can be attributed to a multitude of digital currency projects that failed to meet expectations.

Despite the fact that crypto-currencies are still in their infancy and constantly evolving, some projects and related coins are clearly bad news. Here’s a list of three popular crypto-currencies you should avoid in November.

ApeCoin (APE)

ApeCoin is a crypto-currency created by Yuga Labs. The same company also brought us the NFT Bored Ape Yacht Club and its spinoff Mutant Apes. The DAO ApeCoin manages this crypto-currency.

Apecoin took the crypto-currency market by storm when it launched. This ERC-20 token gives holders a special place within the APE ecosystem. It is an ecosystem governance token that allows ApeCoin holders to participate in the ApeCoin DAO. Users can access games, merchandise, events and services using this token.

ApeCoin has lost nearly 80% of its value from its all-time high. The NFT market has run out of steam, and until ApeCoin demonstrates tangible value and utility, it is not worth buying.

Axie Infinity (AXS)

AXS is an Ethereum token that powers Axie Infinity, a blockchain-based game in which players fight, gather and build a digital empire for their pets. AXS holders can earn prizes by staking their tokens, playing the game, and voting in critical governance decisions.

Axie Infinity sets itself apart by allowing users to own their Axies using non-fungible tokens (NFT). For decades, developers of personal computer and console games have retained ownership of all inventions in the game. Blockchain-based games promised to revolutionize all that by giving players ownership of their creations and the ability to monetize them.

However, according to TokenTerminal.com, Axie Infinity has only generated $1.6 million in protocol dApp revenue in the last 180 days through November 2, 2022. Axie Infinity’s revenue fell from $126.5 million in January 2022 to $3.2 million in June 2022, according to Be[In]Crypto Research.

Moreover, interest in NFTs as a tradable tool or store of wealth has all but disappeared. Bloomberg data shows that monthly NFT trading volume has dropped from $17.2 billion in January 2022 to $466.9 million in September 2022. For those keeping track, that’s a 97% drop. And a big setback for a gaming-focused company based on NFT character ownership and NFT market transactions.

Shiba Inu ($SHIB)

Shiba Inu is famous for delivering what may be the largest annual increase in an investable asset in history. SHIB holders recorded gains of over 121,000,000% on October 27, 2021, from a starting value of $0.000000000073 per SHIB coin on January 1, 2021. Shiba Inu finally ended 2021 with a gain of about 46,000,000% after a drop. The digital currency demonstrated how effective fear of missing out (FOMO) investing can be in the crypto industry.

However, Shiba Inu lacks the competitive advantages and distinction to stand out among 21,600+ crypto-currency projects. Shiba Inu is basically an ERC-20 token on the Ethereum platform. While Ethereum is a popular choice for dApp developers, its popularity has resulted in somewhat slow processing times and high transaction costs.

SHIB is also not a popular payment currency. Despite the hype on Twitter, the number of Shiba Inu merchants on Cryptwerk has remained stable this year (659, as of November 2022).

This is most likely due to the fact that SHIB tokens have lost as much as 91% of their value in the last year and businesses are reluctant to accept such high volatility.

Although the creators of Shiba Inu are trying to develop blockchain-based games, the popularity of NFTs and blockchain-based games seems to have peaked. The hype that propelled SHIB to significant advances in 2021 simply cannot be replicated.