Benjamin Cowen, a well-known crypto analyst, thinks that digital asset buyers should be wary of the current memecoin craze.
In a new YouTube post, Cowen tells his 784,000 followers that he thinks there will be “one more scare” on the cryptocurrency market this year.
“We get into the pre-halving year, we see rallies, everyone gets excited, but then the memecoins come back, and then the market is like, ‘Oh, well, there’s still a lot of excess in the market, we gotta wreck these people again…’
We had a very similar thing actually occur in 2019. We had a lot of memecoins rally back in 2019 as well, and then look at them. I mean most of them just bled against Bitcoin ever since.”
The same thing happened with memecoin around the second quarter of 2019, the expert said.
Cowen says that most of the memecoins that are getting a lot of attention right now are “outright scams.”
“I think there’s a good case to be made that a lot of the memecoins you see circulating right now, eight months from now people are going to forget them and they’re not going to care about them.”
A lot of the buzz about memecoins has been caused by Pepe (PEPE), a crypto asset with a frog theme that has gone up by more than 510% in the last two weeks.
