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Cryptocurrency analyst Michal van de Poppe recently expressed his disapproval of meme coins, despite their recent popularity in the altcoin markets. He, however, sees a ray of hope in some popular coins.
What Happened: In an X post on Sunday, Van de Poppe explained his general dislike for meme coins, stating that he prefers to invest in infrastructures and the future of finance. He sees cryptocurrencies and blockchain as catalysts for a more transparent and fairer financial ecosystem, which is where he focuses his investments.
He acknowledged that meme coins can be useful for testing ecosystems, but criticized celebrities who leverage their following to start meme coins for financial gain. He cited recent examples such as former President Donald Trump-related TrumpCoin DJT/USD , Andrew Tates Daddy Tate DADDY/USD , Iggy Azaleas Mother Iggy MOTHER/USD , and many more.
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Van de Poppe also expressed concern over the risks involved in investing in meme coins. He pointed out that while success stories are often highlighted on social media, there are many cases where people lose all their money through investments in meme coins.
But despite the shortcomings, the trader highlighted that some memecoins are worth investing in and have a feasible chance of a high return in the long run, namely Dogecoin DOGE/USD , Bitcoin BTC/USD -based DOG RUNES/USD , and Pepe PEPE/USD .
Price Action: At the time of writing, memecoins were in a bloodbath. DOGE was trading at $0.1208, down nearly 3% in the last 24 hours, according to data from Benzinga Pro. PEPE shed 8% in the last 24 hours, while RUNES plunged 9.84%.
Why It Matters: The cryptocurrency analysts views come as he forecasts an altcoin market rebound in the next few weeks.
Perhaps from next week, or the week after, the big rotation should be starting, Van de Poppe stated. Revealing his strategies, he said that he is well-positioned and ready for it.
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Disclaimer:This content was partially produced with the help ofBenzinga Neuroand was reviewed and published by Benzinga editors.
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