A prominent crypto analyst recently suggested that meme-inspired cryptocurrencies that have “flooded the market” exist to help enrich founders, not create communities. true.
Benjamin Cowen, a popular analyst with more than 700,000 followers on the Twitter platform, noted that the story of the “strong community” of the crypto meme is “junk” and suggested that most coins This is “made by the same group, just pumped and dumped until it is no longer profitable.”
His comments come at a time when several cryptocurrencies meme such as Pepe Coin ($PEPE) and Shiba Inu ($SHIB) have been widely adopted.
When listing cryptocurrencies inspired by the meme , exchange Binance warned investors that PEPE lacks a value backing mechanism and has no utility.
P EPE has been accused of potentially insider trading , as 7% of the total token supply was purchased by insiders or team members minutes after the token generation event.
Back then, a lucky crypto investor turned an investment of just 0.125 ETH in PEPE into a $ 1.14 million sum in just a few days by buying at the right time.