Ben Armstrong urges to take the profits received when operating with meme cryptocoins as often as possible
Well-known cryptocurrency analyst Benjamin Cowen warned his readers against overly emotional investment in meme tokens. According to the expert, now there are quite a lot of illiquid, if not fraudulent, meme tokens in the industry.
“The people who create these meme coins and start new series every week don’t care about you. All they want to do is suck up as much liquidity as possible while inexperienced people are ready to fall for the scam,” Cowen said.
He also believes that in just 2–3 months, projects that issue such coins are no longer recognized as having been issuing fraudulent tokens and promoting outright scam.
“They will block anyone who calls them thieves. And if you keep falling for every scam like this, don’t expect anyone to feel sorry for you. Stop supporting these scammers,” the analyst urged.
Cryptocurrency enthusiast and influencer Ben Armstrong claims that eventually the price of memcoins will be zero. However, Dogecoin may be an exception.
Armstrong believes that trading in meme coins is like playing hot potatoes. Armstrong advised users to take profits from such assets as often as possible.
“Don’t forget guys, all meme coins will eventually go to zero, with the possible exception of DOGE. Withdraw profits ” said the crypto enthusiast.
At the same time, he admitted that he had previously transferred part of the profits from the GENSLR and POOH tokens to the DINO crypto coin. According to the expert, this is the first time he has taken part in such a risky speculative trading in digital currencies, which is referred to in the community as “degen” (short for “degenerate”).
“The gossip is true, haha. I did flip some profits and have to be honest with you guys. I have never been at this level of degen and have never had so much fun in cryptocurrencies. Reminds me of the best responses of a bullish trend, but these are just memes,” Armstrong wrote.
How do you assess the prospects of meme cryptocoins?
