Ran Neuner, a prominent altcoin analyst, has urged his followers to purge their portfolios of certain unworthy altcoins he dubbed “bad tokens.”
Neuner believes that the market will enter a parabolic bull run in the next 60 days, and these altcoins might not have the best price performance. This list notably includes Cardano (ADA), XRP, and Worldcoin (WLD), among others.
Why Neuner Criticized Some of the Most Popular Altcoins?
Neuner’s critique of Cardano is particularly scathing. He believes that ADA lacks long-term utility, especially in the decentralized finance (DeFi) sector. He highlights several issues, such as the platform’s user unfriendliness and minimal daily transactions.
Additionally, he notes the declining developer activity, which he believes contributes to its diminishing relevance compared to other blockchain networks. Not to mention, ADA is around 85% down from its 2021 all-time highs.
“I love Charles Hoskinson, I love the army, its all great. But, I haven’t seen one usecase for Cardano in the long term,” Neuner said.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Turning to XRP, Neuner’s analysis isn’t any more favorable. He acknowledges XRP’s loyal following but criticizes its decreasing significance in DeFi.
“Its use case in DeFi has been overrun by newer and better projects,” Neuner stated.
Furthermore, Neuner points out the erratic nature of XRP’s market performance, with spikes followed by rapid declines. This suggests instability and unreliable growth.
Moreover, Worldcoin faces even harsher criticism, caught amidst allegations of manipulation and poor tokenomics. According to data from TokenUnlocks, over 83% of the total supply is locked. This supply will start getting unlocked from July 24, possibly resulting in significant selling pressure.
“Extremely small circulating supply – this token is primed to be destroyed by unlocks,” Neuner believes.
Crypto investigator ZachXBT has labeled it the “biggest scam token of the bull run,” accusing venture capitalists and team members, including high-profile figures from Coinbase and FTX, of not preventing price manipulations.
Neuner’s analysis extends beyond these three, with altcoins like Litecoin (LTC) and Algorand (ALGO) also making his list of tokens to avoid. He criticizes Litecoin for its dwindling transaction volume and high costs relative to newer proof-of-work protocols.
Algorand, meanwhile, earns Neuner’s disapproval due to its lack of real-world application and declining transaction volumes, despite its academic origins and promise of advanced smart contracts.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Additionally, Neuner’s views on other previous market darlings such as IOTA, Axie Infinity (AXS), and The Sandbox (SAND) do not offer much hope. He notes IOTA’s network activity has stagnated, while both AXS and SAND suffer from reduced traction and interest, a far cry from their peaks during the 2021 bull run.
VeChain (VET), Quant (QNT), and EOS are other altcoins that faced criticism from Ran Neuner. Most of these altcoins are significantly down from their days of glory in previous bull cycles.
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