The cryptocurrency market has been on a downward spiral this week, pushing investors to consider selling certain cryptos to avoid further losses. Many social media users suggest that selling these assets is a temporary move as the market continues to correct itself. The current market slump is attributed to a drop in institutional purchases, especially after Bitcoin's price fell below $70,000.

As of now, Bitcoin is priced at $65,432, having decreased by 2%. While this is slightly better compared to most altcoins, the overall market capitalization has dropped to $2.35 trillion. Altcoins and meme coins have experienced the steepest declines. The significant double-digit losses in several sectors have dampened investor sentiment. Here are five cryptos you might want to sell to avoid short-term losses.

Solana (SOL)

Solana has decreased by 4.67%, trading at $137, which is below several resistance levels from its highs in the first quarter of 2024. The asset has seen wider weekly losses of 11%, and its monthly figures have fallen by 21%. Solana's market cap is now at $63.2 billion, showing a decline in what was once a high-performing asset.

Toncoin (TON)

Toncoin had recorded substantial gains earlier this year, even outpacing Bitcoin at some points. However, recent bearish trends have caused its price to drop. TON is now priced at $7.26, a 5.5% decline today due to broader pressure on crypto assets. Despite this, its weekly and monthly volumes are still in the positive zone.

Avalanche (AVAX)

Avalanche has seen a 9.8% drop in the last 24 hours, now trading at $25.93. Although trading volumes are increasing, AVAX continues on a downward trend. According to CoinGecko, AVAX's trading volumes exceed $545 million. The asset suffered an 18% loss in the past week and a massive 30% decline overall, driven by recent outflows.

Dogecoin (DOGE)

Market analysts suggest selling Dogecoin, which is currently experiencing declining sentiment. DOGE has dropped 11% with slow trading activity today. Over the week, it has seen a 15% decline, contributing to broader meme coin losses. Dogecoin is currently trading at $0.1194.

Shiba Inu (SHIB)

Shiba Inu has plunged 10.44%, mirroring the trend of other meme coins experiencing outflows. Investors continue to sell amid bearish conditions, with its price at $0.00001764. Long-term figures are also down, following negative trading this month, making it one of the cryptos to consider selling to avoid further losses.

In conclusion, with the ongoing market downturn, it may be wise to sell certain cryptos like Solana, Toncoin, Avalanche, Dogecoin, and Shiba Inu to mitigate potential short-term losses. Keeping a close eye on market trends and being ready to act can help safeguard your investments during these volatile times.