3 Cryptos to Sell Now as Jerome Powell Hints at No Rate Hikes

Despite a relatively strong start last week for Bitcoin (BTC USD), it remained in a tight range of $60,000 to $64,000 for the rest of the week.

Recent statements by Federal Reserve Chair Jerome Powell have largely cleared up the uncertainty surrounding interest rate cuts. While it's possible for the Fed to keep interest rates higher "for longer," its next move is unlikely to be a rate hike. However, given persistent inflation, it's hard to completely rule out interest rate increases. With that in mind, it may be prudent to consider selling cryptos.

Despite a relatively strong start to the week for Bitcoin (BTC-USD), it remained within a narrow range of $60,000 to $64,000 for the rest of the week. Heavy selling pressure in ETFs resulted in BTC declining more than 13% for the month. Hence, given the turbulent scenario, it might be advisable to optimize your portfolio and prioritize selling cryptos.

Cryptos to Sell: Shiba Inu (SHIB-USD)

Shiba Inu (SHIB-USD), a dog-themed cryptocurrency that truly embodies the concept of a meme coin. A meme coin usually has an army of online supporters behind it, but offers almost no practical use. As a result, Shiba has taken its investors on a wild ride ever since its creation in 2020.

To say that it has seen extreme highs and lows is a vast understatement. However, to its credit, SHIBA has managed to sustain itself despite the hype on social media, particularly mentions from big names like Elon Musk. Nevertheless, despite the rapid price increase, it has mostly remained in the red over the last four years. After its rapid ascent in October 2021 to $0.00008616, it has since declined by more than 70%.

Last year was a huge year for cryptos, with SHIB and other meme coins posting astronomical gains. However, given the current market scenario, I would advise against betting on SHIB, especially considering its inflated valuation.

Pepe (PEPE-USD)

Pepe (PEPE-USD), is inspired by the immensely popular Pepe the Frog meme. Unlike its competitors, it fully embraces its meme coin status, garnering attention and deriving value from its vibrant community. The aim is to leverage the popularity of the Pepe the Frog meme to build engagement on its platform.

Like other meme coins, the PEPE coin also saw a sharp increase in value, offering speculators quick gains. However, we have seen the enthusiasm fizzle out due to issues such as insider trading allegations. Moreover, the company has faced difficulties with security and governance over the past year. A notable incident involved rogue developers stealing $15 million of Pepecoin from its platform.

Furthermore, the proliferation of new meme coins puts the PEPE token in a rather precarious position. New meme coins erode the long-term appeal of PEPE and other OG meme tokens.

Audius (AUDIO-USD)

Audius (AUDIO-USD) aims to disrupt music streaming by empowering artists through its crypto token AUDIO. The platform focuses on giving artists greater control over their work and earnings. Additionally, through the use of blockchain technology, the platform protects music ownership rights and fosters deeper interaction between artists and fans.

The concept is intriguing, especially as it leverages Web 3.0 to revolutionize music streaming by prioritizing artists' autonomy. Several musicians have championed this cause in recent years, and Audius could be their catalyst. So by having a more transparent system for rights and royalties, Audius could achieve something big. Despite the grand ambitions, it is crucial to have substantial user numbers, which Audius currently lacks. In fact, its monthly active user base (MAU) is just 4.2 million, down from the 7.5 million MAUs reported in 2022. Compare these numbers to the music streaming giants like Spotify (NYSE:SPOT), and Audius' numbers look like peanuts.

As of the date of publication, Muslim Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publishing guidelines