The Rise and Warnings of Memecoin Investments: Pepe, Shiba Inu, and SpongeBob Tokens.
Crypto analyst Benjamin Cowen warns traders to be cautious of the ongoing memecoin frenzy, stating that most of the memecoins rallying right now are "outright scams." Cowen expects the crypto market to undergo "one more scare" this year, similar to the memecoin rally that occurred in 2019. The hype has been driven by the frog-themed crypto asset Pepe, which is up more than 510% in the past two weeks.