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In style crypto analyst Benjamin Cowen thinks digital asset merchants ought to 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 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, nicely, there’s nonetheless a whole lot of extra out there, we gotta wreck these individuals once more…’
We had a really related factor really happen in 2019. We had a whole lot 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, in line 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 whole lot of the memecoins you see circulating proper now, eight months from now persons are going to neglect them they usually’re not going to care about them.”
Numerous 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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