More often than not, the broader cryptocurrency market discussion follows the performance of Bitcoin (BTC-USD). After all, it is the most popular kid on the block and has use cases on orders of magnitude more than other cryptos. So when Bitcoin promises big news and underdelivers, the market as a whole suffers. Recently, this kind of disappointment reared its head again when the hype about the Bitcoin halving event turned out unimpressive. Investors began selling everything from altcoins to meme coins to avoid a potential loss.

Many investors bullish on Bitcoin believed or potentially misunderstood that halving mining rates would catapult its value. However, the coin’s overall value has remained relatively flat in the month since the halving, with it back around its new $70,000 ceiling. As a result, many meme coins that rely on crypto industry attention have fallen back into their usual cycles of pumping and dumping. As such, here are three meme coins to avoid as the Bitcoin situation complexifies.

GME Coin (GME-USD)

Source: shutterstock.com/EchoVisuals

One would think that a meme coin based in GameStop (NYSE:GME) would see an explosion considering the stock’s recent news. The story is the same for GME Coin (GME-USD), however, just because the coin spiked on GME news doesn’t mean it has any real value. GME coin claims it’s a coin of the people, aiming to provide education through its GME University for investors who are just starting in crypto.

However, the crypto has no discernible applications according to its website aside from being a commemorative coin for the GME meme saga. As such, this project will eventually end up in the trash can, leaving eager investors burned.

Much like the company it gets its name from GME coin is nothing more than a technological meme, intending to profit off of hype and search engine optimization surrounding GameStop news. Down 71% in the last seven days, the coin is not worth holding long-term but makes for a great gambling machine during times of GME news.

Dogwifhat (WIF-USD)

Source: Chinnapong / Shutterstock

The premise of the dogwifhat (WIF-USD) cryptocurrency is simple — it’s a dog with a hat. More specifically, it’s the crypto world’s favorite dog breed, a shiba inu, wearing a knit beanie. That’s about it from a technological perspective, as the coin is simply a Solana (SOL-USD) network derivative available for purchase on a few different exchanges.

Some analysts have gone to great lengths to justify its existence, describing it as a community project intended to address the financial nihilism of the current generation. That description certainly has some philosophical merit considering the rising cost of living across the U.S. and stagnating wages amid record inflation. 

However, from an investment standpoint, it’s hard to see WIF as anything more than a social media-driven scheme. Investors beware, just because WIF saw some big popularity-based moves does not make it a stable long-term investment.

Popcat (POPCAT-USD)

Source: Chinnapong / Shutterstock

I will admit that this one caught my attention with its website, which I found shamefully amusing. Based on the 2020 internet meme of a cat named Oatmeal, Popcat (POPCAT-USD) is a meme coin through and through. In its defense, the website openly states the coin has no intrinsic value and is subject to speculative value changes.

Because this coin is not trying to fool anyone about its prospects, I think it’s worth mentioning its website design, which involves a global clicking competition. People from all around the world are competing to see who can click on the cat the most to make its signature popping noise.

While this does not impact the value of the coin whatsoever, it is a great way to bring internet attention to the platform. Despite this, I would put Popcat among meme coins to avoid, as it won’t be growing much unless the hype train comes to the station. That said, you can compete for your country here.

On the date of publication, Viktor Zarev did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.