Cryptocurrency analysts highlighted tokens to avoid investing in in October

Cryptocurrency analysts at Finbold have identified 3 high-risk digital assets that should be avoided in October. According to experts, previous bull markets in cryptocurrencies have shown how you can make and lose fortunes in an instant, so investors should be careful.

WEMIX is a native token of the WEMIX ecosystem. Although this cryptocurrency has experienced significant growth in recent weeks, analysts believe that the risks outweigh the benefits. This is primarily due to the high volatility of WEMIX.

In particular, the 30-day volatility of the digital asset is 27.67%, which is characterized by CoinCodex as «extremely high». The price of WEMIX has fallen by more than 45% over the past year and has outperformed 75% of the leading cryptocurrency assets during this period. The token has also fallen significantly from its all-time high and is showing a significant annualized inflation rate of more than 158%.

Worldcoin (WLD) is a token of the first ever cryptocurrency project with artificial intelligence that gives out digital assets to users after scanning their eyes. Initially, WLD attracted some interest among crypto enthusiasts, especially after it was listed on major exchanges such as Binance, Huobi, and OKX. WLD has also shown significant volatility since its launch. According to CoinCodex, the token’s 30-day volatility is currently almost 18%. In addition, only 1% of the total supply of WLD is currently in circulation.

ApeCoin (APE) is an Ethereum-based cryptocurrency associated with the Bored Ape Yacht Club NFT collection. After soaring to $ 26.7 shortly after its launch in March 2022, APE began to plummet amid a massive NFT downturn. Over the past year, APE has fallen by almost 80%, underperforming 97% of the top 100 cryptocurrencies for the year. ApeCoin is also trading below its 200-day moving average (MA) and 96% below its all-time high, while volatility is over 6.5%.

«Given the extreme risks that some cryptocurrencies pose, it is safe to say that adaptability and knowledge are traders' best allies. That is why, in order to avoid significant losses in the crypto market, it is necessary to remain vigilant and conduct thorough research, as well as make an informed choice,» Finbold analysts emphasized.