Benjamin Cowen believes there are too many illiquid and simply fraudulent meme tokens on the market:
“The people who create these meme-coins and launch a new series every week don’t care about you.
All they want to do is suck up as much liquidity as possible while unsophisticated people are willing to fall for the deception.”
Cowan claims that after just two or three months, the issuers of such tokens will no longer admit that they had anything to do with the fraudulent coins and promoted these scams.
“They will block anyone who calls them thieves.. And if you keep falling for every scam like this, don’t expect anyone to feel sorry for you. Stop supporting these crooks,” Cowan said.
Benjamin Cowen’s point of view is echoed by Markus Thielen, head of research at Matrixport. A crypto-expert compared investing in meme cryptocurrencies with a passion for lottery games.
Earlier it became known that the rate of the new “haip token meme” Pepe collapsed
47%. The drop came just days after the coin suddenly rose 45% and surpassed $1 billion in capitalization.