Sometimes invalid currencies enter the cryptocurrency market.
One of them is the invalid Hot-Dog currency that was created in the field of defi. After its creators achieved their goals, its price dropped overnight and in a matter of minutes it went from a few thousand dollars to one dollar.
For example, in 2017, there was good growth in the cryptocurrency market. At that time, ICOS were very popular, in that year, 80% of the ICOS were identified as fake. And no one could do any follow-up.
A few days ago, a cryptocurrency called Yam, which was in the domain of Defai, Influenced by market sentiments, it went from $130 to $1 in a matter of hours, and people were suddenly devastated. Projects called foin and bitconnect also fell by several thousand dollars in a matter of hours in 2020.
To avoid this cases, it is better to invest in reputable exchanges. Bainance Exchange is one of the most reputable exchanges.
Bainance deletes counterfeit cryptocurrency. For example, aeron and sub currencies were removed by binance. You still have to be careful in choosing the currency in this exchange and do not buy any cryptocurrency.
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