3 cryptocurrencies to avoid trading next week 
Cryptocurrency Aug 2, 2024 Share
With the current week coming to its end, many assets in the cryptocurrency market are witnessing a slowdown in their price performance, including the sector’s representative, Bitcoin (BTC), some assets might be a particularly good idea to avoid, at least for the time being.
Indeed, for some crypto assets, the current dip might only be temporary, in line with the sentiment across the crypto community, whereas for others, additional factors might negatively affect their performance as well as their appeal as lucrative trading options in the week starting August 5.
#1 Pepe (PEPE)
As a highly speculative and volatile meme coin, Pepe (PEPE) has witnessed huge short-term gains, but also rapid declines, influenced by social media hype, and recently, it saw one whale moving a massive 400 billion tokens worth $4.22 million to crypto exchange Binance, which might lead to rising selling pressure.
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A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
After breaching the major support level of $0.00001075, Pepe was at press time trading at $0.000009975, recording a decline of 5.29% in the last 24 hours, as well as losing 15.80% across the previous seven days, and accumulating a loss of 12.61% on its monthly chart.
Pepe price 7-day chart. Source: CoinMarketCap
#2 Wormhole (W)
Meanwhile, the cross-chain interoperability protocol Wormhole (W) is about to unlock a whopping 612.12 million of the token, worth around $145 million, which could lead to increased selling pressure as investors receiving them might decide to cash out, affecting its price at least in the short term.
Wormhole token unlock. Source: TokenUnlocks
For the moment, Wormhole is trading at $0.2357, which reflects a 3.99% drop on the day, a decline of 18.03% in the past week, and a more significant loss of 34.93% across the month – a trend that could continue as market participants anticipate further downward pressure from the token unlock.
Wormhole price 7-day chart. Source: CoinMarketCap
#3 Immutable (IMX)
Finally, another blockchain platform about to witness a major token emission is Immutable (IMX), scheduled to release 32.47 million of the token worth around $43 million. Moreover, it is shutting down its IMX Marketplace on August 13, which could lead to short-term disruptions as users migrate their activities.
IMX Marketplace closure announcement. Source: Immutable
Currently, the price of the IMX token stands at $1.33, suggesting a 2.96% drop on its 24-hour chart, aside from accumulating a loss of 11.54% across the past week and recording a decline of 13.12% over the last month, according to the most recent price data retrieved on August 2.
Immutable price 7-day chart. Source: Finbold
Conclusion
Ultimately, it may be wise to avoid trading these three cryptocurrencies or at least approach them with caution next week, as multiple factors might negatively affect their performance. That said, doing one’s own research is critical when investing in crypto assets, as trends in the crypto market can change unexpectedly.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.