Fashionable crypto analyst Benjamin Cowen thinks digital asset merchants needs 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 bear “yet one more 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, effectively, there’s nonetheless lots of extra available in the market, we gotta wreck these folks once more…’
We had a really related factor truly happen in 2019. We had lots of memecoins rally again in 2019 as effectively, 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, based on the analyst.
Cowen argues that a lot of the memecoins rallying proper now are “outright scams.”
“I feel there’s case to be made that lots 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% prior to now two weeks.
I
Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox
Examine Price Action
Observe us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses you could incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney
