As meme coins are increasingly gaining traction in crypto market, experts warn about the emerging trend of meme coins flooding the market. Benjamin Cowen, CEO of Into The Cryptoverse, suggests that the "strong community" Narrative is nothing more than garbage and claims these coins are created by the same group just to pump and dump until they become profitable. Data from CoinMarketCap reveals that Doge, Shiba Inu, PEPE and other meme coins have a market capitalization worth over $16 billion and a strong following on popular social media platforms.

While Dogecoin and Shiba Inu have significant utility and are accepted as payment methods all around the globe, PEPE, launched just last month, doesn't have any utility case and is solely created for speculation. The trend of involving influential figures like Charles Hoskinson is also growing, promoting and advertising the newly launched meme coins to their followers.

Given the profound consequences involved with investing in meme coins, investors should be cautious and do their own research before investing. Moreover, with the number of meme coins increasing daily, it is essential to have an understanding of their potential risks and rewards.



Other News from Today