$PEPE, $TURBO and other meme assets are going to zero while eating up the market's liquidity, believes experienced analyst intocryptoverse
Prominent analyst Benjamin Cowen warns that the majority of these meme coins will ultimately become worthless and fade into obscurity. He cautions that those behind the creation and promotion of these tokens have little regard for the investors who buy into them.
In 2019, a lot of memecoins flooded the market. It sucked out the little liquidity the altcoin market had left.A majority of those memecoins went to zero and are now completely forgotten.According to Cowen, the primary objective of meme coin creators is to extract as much liquidity from the market as possible, while people are still susceptible to their schemes.
Cowen expresses little sympathy for those who repeatedly fall for these scams, emphasizing the importance of due diligence and learning from past mistakes. He attributes the increasing desperation of scammers to the gradual drying up of funds, a consequence of actions taken by the Federal Reserve.In their quest for quick profits, these unscrupulous individuals continually launch new projects, hoping that one of them will gain traction.
Cowen urges the crypto community to stop supporting these scams and adopt a more cautious approach when investing in the volatile
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