Analyst Issues Grave Warning Against Pepe Coin, Says ‘Don’t Try to ‘Get Rich Quick’
The post Analyst Issues Grave Warning Against Pepe Coin, Says ‘Don’t Try to ‘Get Rich Quick’ appeared first on Coinpedia Fintech News
Popular analyst Altcoin Sherpa took to his Twitter handle on Thursday and issued a warning for the traders who are currently accumulating PEPE coins. The analyst explained that the price boosts will be short-lived and advised traders not to lose their money. Instead, he told his followers to buy Ethereum and wait for the bull run.
He said that PEPE will likely survive and not go the way of other “shitcoins” such as Safemoon and BONK, due to its recognizable and easily identifiable meme. However, it remains to be seen if it will have the same strength and popularity as other successful coins like SHIB that have emerged in the past.
In his opinion, PEPE will stick around for a while, especially given the high volume it has seen in recent weeks. It’s possible that larger exchanges may list it, but personally, he wouldn’t buy it at its current high price. He said that if anyone does decide to buy, he thinks it’s best to scalp for small gains rather than expecting massive returns as it had at a 20 million MC.
“As I said last night, PEPE offshoots are going to do well in the short term. Pepe type of coins/assets will do several x and pump hard but this will be short-lived and very few (if any) will survive. Most will go to $0 and be scams as well. Be careful.”
On the other hand, shorting PEPE or similar coins like XRP and DOGE is extremely risky, as they tend to gain momentum quickly and are difficult to predict.
“How shitty would it be for you to lose your stack chasing meme coins before the bullrun actually started? The more sustainable way to make $ for most investors is to just buy $ETH at these levels and just hold it. Don’t try to ‘get rich quick’. You’ll likely lose your $. GL.”
Filed under: Bitcoin - @ May 5, 2023 3:14 pm