Crypto Updates

Analyst Benjamin Cowen Issues Warning, Says Memecoin Frenzy Sending 2019-Style Top Signals

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

Popular crypto analyst Benjamin Cowen thinks digital asset traders should be wary of the ongoing memecoin frenzy.

In a new YouTube update, Cowen tells his 784,000 subscribers that he expects the crypto market to undergo “one more scare” 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.”

A similar memecoin rally occurred around the second quarter of 2019, according to the analyst.

Cowen argues that most of the memecoins rallying 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 memecoin hype has been driven by the frog-themed crypto asset Pepe (PEPE), which is up more than 510% in the past two weeks.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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