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Standard crypto analyst Benjamin Cowen thinks digital asset merchants ought to 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 endure “yet another 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, nicely, there’s nonetheless plenty of extra available in the market, we gotta wreck these individuals once more…’
We had a really related factor really happen in 2019. We had plenty of memecoins rally again in 2019 as nicely, after which have a look at them. I imply most of them simply bled in opposition to Bitcoin ever since.”
An identical memecoin rally occurred across the second quarter of 2019, in accordance with the analyst.
Cowen argues that many of the memecoins rallying proper now are “outright scams.”
“I believe there’s a very good case to be made that plenty 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.”
Quite a 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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