The erratic volatility prevalent in the bitcoin and altcoin market is known for causing nightmarish losses and stratospheric gains. Although investors who choose the right coin make high profits, they can also encounter sharp drops. In this article, we will talk about altcoins that first go up and then go down…
These 4 altcoins fell hard
Cryptocoin. com
As we reported , the dog-themed cryptocurrency Shih Tzu (SHIH) token has increased from $ 0.00000009105 to $ 6 in the past days, gaining over 6,000 percent. As the reasons behind the price action of the SHIH token remain unexplained, many skeptics urge caution to such tokens. SHIH is back to the $0.00000001711 lows at the time of writing.
Another coin that gave a heavy gain to investors with its unexpected rise and then went down was Kokoswap (KOKO). KOKO was trading at $0.009 earlier in the month, while last week it rallied as high as $9.05. The altcoin, which fell by 25 percent from this level, is changing hands at $ 6.5 at the time of writing.
On the other hand, according to CoinMarketCap data, the ARC Governance (ARCX) token, which rose to $ 9,991 8 days ago, has dropped almost 100 percent from these levels. The ARCX is changing hands at $0.4005 at the time of writing. Finally, Ethereum Meta (ETHM), which had surged to $0.00056 last week, slumped to $0.00000002115 and lost over 50%. Blockchain and emerging technology expert Sharat Chandra said that the price rally in such coins does not seem sustainable, they only make money from NFT and metaverse game momentum.