The post Memecoin fiesta is ‘dying down’ warns crypto expert; here’s why appeared on BitcoinEthereumNews.com.

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.” “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.” Memecoin dominance in major altcoin markets. Source: Michaël van de…

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Filed under: News - @ June 25, 2024 3:18 pm