In this article, we discuss the 5 cryptocurrencies Redditors will never buy again. If you want to read our discussion on the cryptocurrency market, go directly to the 10 Cryptocurrencies Redditors Will Never Buy Again.
5. THETA USD (CCC:THETA-USD)
Market Capitalization: $1.369 billion
THETA USD (CCC:THETA-USD) is the native token for the entertainment and video blockchain that was launched in March 2019. On the THETA blockchain platform, the users share computing resources and internet bandwidth on a peer-to-peer (P2P) level.
Theta Network intends to disseminate conventional video content delivery. Similar to what YouTube did by making streaming and sharing videos incredibly popular, Theta Network intends to provide a low-cost content delivery platform regardless of the quality of the video or its location. THETA USD (CCC:THETA-USD) token is used to reward users for viewing content on its platform. Other potential uses are also developing as DApps, and other services start to come on the platform.
The Reddit community has expressed concerns about why THETA USD (CCC:THETA-USD) token is not registered on the Coinbase platform. Investors think THETA USD (CCC:THETA-USD) token is probably not decentralized enough and has some security concerns which do not fulfill the listing requirement for Coinbase. THETA USD (CCC:THETA-USD) coin has a 52-week low and high of $0.9633 and $9.7468, respectively.
4. Aave USD (CCC:AAVE-USD)
Market Capitalization: $1.374 billion
Aave USD (CCC:AAVE-USD) is the native token for the open source protocol Aave. The protocol is used to form non-custodial liquidity markets that allow users to lend and borrow crypto assets amongst themselves in exchange for interest. The protocol launched in November 2017 as ETHlend and rebranded as Aave in September 2018.
Aave USD (CCC:AAVE-USD) has lost 74% of its value since its peak in mid-September last year. The decline of Aave USD and other cryptocurrencies like SushiSwap USD (CCC:SUSHI-USD) has caused the bankruptcy of notable crypto lenders like Celsius and Voyager. Celsius Network had to pay off its debt of $63.5 million to release its collateral of 400,000 Lido stETH USD (CCC:STETH-USD) from the Aave platform. Celsius Network filed for bankruptcy on July 18 and started freezing withdrawals from June 12. Meanwhile, Voyager stopped withdrawals from July 1 and filed for bankruptcy on July 6. Hundreds of letters have been released by judges to the public during the bankruptcy hearing of these crypto lenders. These letters highlight the financial distress caused by the bankruptcies and how customers have been financially ruined.
3. Hedera USD (CCC:HBAR-USD)
Market Capitalization: $1.622 billion
Hedera USD (CCC:HBAR-USD) is the energy-efficient and native cryptocurrency of the Hedera network. The tokens are brought into use for paying application transaction fees and keeping the network safe by employing a proof-of-stake mechanism. The Hedera network allows the creation of powerful DApps.
The Reddit community thinks that the Hedera platform is missing the chance to secure big business deals with companies coming into the non-fungible token (NFT) space. Auto giants like Mercedes and Bentley launched their official NFT on the Polygon network. Instagram, one of the social media platforms under the parent Meta Platforms, Inc. (NASDAQ:META), is also considering integrating NFTs on its platform by employing Ethereum, Flow, Polygon, and Solana. The beverage and snacks giant Coca-Cola Company (NYSE:KO) has launched its NFT on OpenSea. Even the XRP ledger that does not support smart contracts has signed Michael Jordan and Ducati to launch its NFT. Reddit users believe that silence from the governing body in this segment is likely to hurt the value of Hedera USD (CCC:HBAR-USD) and dampen its future prospects.
2. The Sandbox USD (CCC:SAND-USD)
Market Capitalization: $1.685 billion
The Sandbox USD (CCC:SAND-USD) is the main utility and native currency for the Sandbox blockchain platform.
Sandbox is a blockchain-based virtual world that allows users to create, buy and sell crypto assets by creating them as games. The decentralized platform brings into play decentralized autonomous organizations (DAOs) and NFTs for its functioning. As it is a metaverse-focused token, the Reddit community thinks that the Sandbox USD (CCC:SAND-USD) could have a challenging future due to the presence of notable tech giants like Meta Platforms, Inc. (NASDAQ:META), establishing its position in the metaverse industry. JPMorgan anticipates that the metaverse will be an $8 trillion market by 2030.
The Sandbox USD (CCC:SAND-USD) is currently trading at $1.25, down from its all-time high of $8.4o in November 2021. The currency has recorded a decline of over 80% from November 2021.
1. Filecoin USD (CCC:FIL-USD)
Market Capitalization: $2.539 billion
Filecoin USD (CCC:FIL-USD) is the native coin on the open source storage Filecoin network that allows users to rent unused hard drive space.
The Reddit community has highlighted the lack of user and developer friendliness on the platform. Users think that numerous projects present on the Filecoin blockchain are not ready for adoption on the mainstream level. Developers that have gone through the command lines of these deployments do not see the end user utilizing the products on the platform. Investors are also concerned about whether the decentralized aspect will be completely implemented or not, as numerous nodes are being hosted from China. The hosting of nodes from China could be challenging due to strong content laws in the country. Redditors are concerned about the legality of storing US legal content on Chinese nodes without facing severe penalties. Although there is no information about censorship or penalties on public forums, it is a significant overhang on Filecoin USD (CCC:FIL-USD).
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