The crypto market remained under pressure during the weekend as some investors took profits. Bitcoin has failed to jump above the key resistance at $105,000, while most altcoins have dropped by double digits from their highest levels this week. This article highlights the top 3 crypto tokens to sell to avoid long-term losses.
Top crypto tokens to sell today
Some of the top crypto tokens to sell or avoid today are Berachain (BERA), Pi Network (PI), and Official Trump (TRUMP).
Berachain is a top crypto to sell
Berachain is one of the top cryptocurrencies to sell or avoid this year as its fundamentals worsened. BERA token has already plunged from a high of $9.57 in March to $3.1 today, and this downtrend may continue.
Data shows that the Berachain network is not doing well. Its total value locked (TVL) has plunged by 43% in the last 30 days to $3 billion, making it the eighth biggest chain in the crypto market.
Most dApps in the ecosystem have shed assets in the past few months. Infrared Finance’s total value locked dropped by 24% in the last 30 days to $1.07 billion, while Kodiak, SatLayer, Dolomite, and Concrete have shed assets worth millions in the past 30 days.
Worse, the supply of stablecoins in the Berachain continued to fall this year. It has stablecoin market cap has dropped to $230 million, down from $1.34 billion in March.
Berachain has a maximum supply of 501 million and a circulating supply of 119.45 million, meaning holders will be highly dilutive. The dilution will start in February 6 next year when 63.75 million will be unlocked.
Berachain stablecoin market cap | Source: DeFi Llama
Pi Network (PI) has a centralization issue
Pi Network is one of the top crypto tokens to sell to avoid long-term losses. The coin crashed by over 80% from its highest level in February. It dropped by over 60% from its highest point last week.
Pi Network has more downsides to overcome in the coming months because of its centralization issues. The obscure Pi Foundation is responsible for the network and holds over 72 billion unlocked tokens.
Therefore, there is a risk that something like a hack can happen, leading to more downside in the long term.
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There is also a risk of an imbalance between supply and demand. Pi Network’s supply is expected to grow by over 1.4 billion tokens in the next 12 months, and over 70 billion more in the next few years.
The centralization aspect explains why top exchanges like Coinbase, Binance, and Kraken have resisted listing it. Therefore, the path of the least resistance for the Pi token is bearish, with the next point to watch being at $0.40.
Read more: Pi Network price prediction: Will Pi Coin recover from this plunge?
Official Trump (TRUMP)
The Official Trump token is another one to sell as it lacks a clear catalyst in the coming months. TRUMP meme coin was trading at $12.87 on Saturday, down by 22% from its highest point this month and 77% above its lowest level in April.
The rally happened as investors bought the coin ahead of Donald Trump’s dinner scheduled for May 22. The risk, therefore, is that many of the participants will sell their tokens before or after the dinner.
Similarly, people who bought the coin in anticipation of the dinner will likely start selling their tokens. Also, technically, the token has formed a double-top pattern at $15.25, with a neckline at $10.38. Therefore, the path of the least resistance for the TRUMP price is bearish, with the key target being at $7.17, its lowest point in April.
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