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 “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 lots 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 lots of memecoins rally again in 2019 as nicely, after which take 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, based on the analyst.
Cowen argues that a lot of the memecoins rallying proper now are “outright scams.”
“I feel there’s a superb case to be made that lots of the memecoins you see circulating proper now, eight months from now persons are going to neglect them and so they’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.
Do not Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox
Test Price Action
Comply with us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses it’s possible you’ll incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney