Well-liked crypto analyst Benjamin Cowen thinks digital asset merchants must be cautious of the continued memecoin frenzy.
In a brand new YouTube replace, Cowen tells his 784,000 subscribers that he expects the crypto market to bear “yet one more scare” this yr.
“We get into the pre-halving yr, we see rallies, everybody will get excited, however then the memecoins come again, after which the market is like, ‘Oh, properly, there’s nonetheless a variety of extra out there, we gotta wreck these folks once more…’
We had a really comparable factor truly happen in 2019. We had a variety of memecoins rally again in 2019 as properly, after which have a look at them. I imply most of them simply bled towards Bitcoin ever since.”
An analogous memecoin rally occurred across the second quarter of 2019, in keeping with the analyst.
Cowen argues that many of the memecoins rallying proper now are “outright scams.”
“I feel there’s a great case to be made that a variety of the memecoins you see circulating proper now, eight months from now individuals are going to overlook them they usually’re not going to care about them.”
A whole lot of the memecoin hype has been pushed by the frog-themed crypto asset Pepe (PEPE), which is up greater than 510% previously two weeks.
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