Benjamin Cowen, an eminent cryptocurrency analyst, has been vocal in his opposition to meme coins while encouraging investors to practice caution. According to him, the majority of these meme coins brought in to the market during 2019 will ultimately become worthless. Behind the creation and promotion of these tokens lies nothing but ill-intent of con artists, hoping to extract liquidity from vulnerable victims as quickly as possible before disappearing with the funds.
Cowen goes onto state that those who repeatedly fall victim to these scams are displaying a lack of due diligence and are not learning from their previous mistakes. This desperation of malicious actors is the result of actions taken by the Federal Reserve in previous months. As the amount of funds available for them diminishes, the extent of their criminal activities increases.
With the launch of each new project, the promise of a fast and profitable return is made. But all that awaited is a rugpull and worthless tokens, leaving investors unable to recoup their losses. For this reason, Cowen emphasizes the need for the crypto community to reject scams and invest more mindfully in meme coins or better yet, avoid them entirely. This is fundamental, both for the protection of investor funds and for the growth of a sound market for legitimate projects.
Jennifer Peterson
- 2023-05-12
Analysing the Dangers of Meme Coins
Benjamin Cowen, an acclaimed cryptocurrency analyst speaks up against meme coins. He encourages caution with investments and warns against succumbing to schemes and false promises made by malicious actors.
