3 Cryptocurrencies to Avoid Trading in June

As we near the end of May and approach the month of June, the cryptocurrency market is seeing a lot of positive changes. However, with more than 25,000 cryptocurrencies out there, it’s understandable that not all of them are a good choice for investment, at least for now.

That’s why we have carefully examined crypto ratings, historical price trends, and the latest developments to develop a list of three digital assets you might want to avoid getting involved with in June 2023. While the cryptocurrency market offers many options, not all are equally good for investing. Some are better to stay away from, at least for now.

You can also read our guide on the most profitable cryptocurrencies this year to know which coins are the most favourable to invest your money in. But for now, join us as we explore the world of cryptocurrencies and make informed decisions about where to invest your money.

Also read: The Reddit Experts’ Guide to Building a Crypto Community

Three Crypto Tokens to Avoid This Month of June 

1. DxChain (DX)

DxChain is a blockchain network that establishes a robust Web3 application platform supporting smart contracts and cross-chain ecosystems. Since its beta launch in 2018, DxChain has been committed to developing a secure and scalable cross-chain ecosystem, specifically targeting the enhancement of NFTs, DeFi, and other related domains. DxChain aims to foster innovation, drive widespread adoption, and overcome technical barriers in the blockchain space.

According to Wikiratings, DxChain has a “B” rating, which suggests that the project has the potential to grow in the long term, but if we’re talking about the month of June, you better stay away. Also, Weiss’s rating score shows an “E+” score in tech adoption, meaning the project tells investors not to look this way as it might not recover anytime soon. 

On the market performance aspect, we see a “D-” score suggesting that the token isn’t doing a good job in the market despite having a market cap of over $8 million which has significantly dropped from $16 million in the past few months. So if you’re still considering risking your hard-earned money, make sure to have a stop loss to minimise the risk. 

2. Bitcoin Gold (BTG)

Bitcoin Gold (BTG) emerged with the vision of providing users with a more user-friendly alternative to Bitcoin. The primary goal of the BTG network is to combine the robustness and security of the Bitcoin blockchain with an environment that encourages experimentation and innovation. In essence, Bitcoin Gold endeavours to strike a balance between the established foundations of Bitcoin and the untapped potential of DeFi and DApp development. 

Bitcoin Gold (BTG) is currently facing a challenging evaluation from multiple rating agencies. Wikiratings and TokenInsight have given it a ‘CC’ score, categorising it as “Highly vulnerable”. WCR (Another rating agency) has assigned a ‘C-‘ grade, which can be interpreted as “Fair”. Investors might view these ratings as a signal to either “Avoid” or “Hold” their investments. 

Regarding tech/adoption, BTG receives a ‘C’ grade, indicating average performance. Its market performance, however, receives a ‘D+’ grade, suggesting weakness. Currently, BTG is trading at $12.59, and potential investors should carefully consider the overall evaluation and market performance of BTG before making any investment decisions.

3. Filecoin (FIL)

Filecoin is a decentralised storage system with a lofty mission: To be the guardian of humanity’s most critical information. The remarkable aspect of Filecoin lies in its open-source and decentralised nature, granting the community full control over governance. Individuals from all walks of life can join Filecoin as data stores or providers, earning money by offering their cloud computing to others.

Unfortunately, it has recently faced challenges, leading to a less favourable evaluation. Currently, it holds an ‘E+’ score, indicating a “Very weak” performance, particularly in adoption and technological development. Adding to its woes, the United States Securities and Exchange Commission (SEC) has designated Filecoin with a “Security” classification, further impacting its position in the market.

Also, according to Wikiratings, it has a “B” score indicating the project has long-term potential but not immediately. You can check it out after a few months to see where it’s going. Investors should be aware of the challenges surrounding Filecoin, including its adoption and technological development issues, as well as the regulatory concerns raised by the SEC. 

Frequently Asked Questions 

Can I Invest in These Coins for Long Term?

If you’ve got money to reserve for a year or two and are not worried about losing it, you can have a go at your luck and invest in these projects for the long term. But there’s a major chance that these cryptos might not go up anytime soon.

Why Should I Not Invest in These Three Tokens This June?

These three tokens have been experiencing a downward trend in their price for the past few months. The latest developments surrounding them suggest a lack of innovation or significant updates. Also, their current ratings and market analysis indicate a high level of risk and limited growth potential.

Are There Any Alternatives to Consider Instead of These Cryptocurrencies in June?

While the mentioned cryptocurrencies might not be ideal investment options, several others have promising growth potential. You can check out our guide linked above. Other than them, Bitcoin, Ethereum, and Shiba Inu are good choices for investment as they have been stable and recovering despite the market conditions in the last few months.