Fashionable crypto analyst Benjamin Cowen thinks digital asset merchants must be cautious of the continuing memecoin frenzy.
In a brand new YouTube replace, Cowen tells his 784,000 subscribers that he expects the crypto market to bear “yet another scare” this 12 months.
“We get into the pre-halving 12 months, we see rallies, everybody will get excited, however then the memecoins come again, after which the market is like, ‘Oh, nicely, there’s nonetheless a number of extra out there, we gotta wreck these folks once more…’
We had a really comparable factor truly happen in 2019. We had a number 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 analogous memecoin rally occurred across the second quarter of 2019, in accordance with the analyst.
Cowen argues that a lot of the memecoins rallying proper now are “outright scams.”
“I believe there’s a very good case to be made that a number 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% up to now two weeks.
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