Memecoin fiesta is ‘dying down’ warns crypto expert; here’s why
Not long after going all-in into altcoins and shaking up his altcoin portfolio, renowned cryptocurrency expert Michaël van de Poppe has pointed out that the memecoin party might be coming to an end, with only some of the stronger assets actually having the potential to perform well in the future.
Indeed, van de Poppe explained that he was not a fan of memecoins because, while some people are making millions investing in them, there is a lot happening behind the scenes, arguing that the “99.9% is where people are losing on memecoins,” in a YouTube video streamed on June 23.
Artificially created memecoin hype
Specifically, he singled out the examples of social media influencers and celebrities like Andrew Tate, Iggy Azalea, Ryan Garcia, and Dylan Dennis, who all became part of the memecoin craze but were “actually using their name to create a memecoin to make a lot of money out of it by dumping it on you.”
Picks for you
“People should realize that there are 10,000 memecoins being created on a monthly basis where 99.9% of them are being created to get money from you while the creator is walking away with a rug pull or with the largest sum of liquidity.”
Memecoin fiesta winding down
However, as van de Poppe observed, ultimately, these memecoins have now reached the tipping point of the hype, which was originally created to get a lot of momentum going, and this is evident in the memecoin dominance in major altcoin markets subsiding. As he noted:
“Memecoin fiesta is currently dying down. (…) There is a very high chance that there is not much upside to be made with meme coins at this point, which I think is not the best case to be going for.”
Some memecoins are worthy
That said, the professional crypto trader has also identified three memecoins that stand out in this crowd, including Dogecoin (DOGE), Dog (Runes) (DOG), and Pepe (PEPE), for which he believes will deliver high returns in the future and should be part of everyone’s crypto portfolio.
In particular, he pointed out the “super super” undervalued position of Dogecoin as one of the top meme coins, sharing his belief that social media platform X was going to integrate it within its ecosystem, therefore:
“So there’s a lot of upside to be made, (…) and I think that Dogecoin can still do really well, so if you want to include any memecoin in your portfolio, this is just a solid one to have.”
All things considered, van de Poppe is an experienced crypto market participant who has lived through many ups and downs, gains and losses, and understands well what he is getting himself into when trading crypto, illustrating the importance of doing one’s own research when investing.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Comments
Post a Comment