Benzinga - Cryptocurrency analyst Michaël 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 (CRYPTO: DJT), Andrew Tate’s Daddy Tate (CRYPTO: DADDY), Iggy Azalea’s Mother Iggy (CRYPTO: MOTHER), and many more.
Why I don't like meme coins?Meme coins have been a booming narrative in the #altcoin markets in recent months. I don't like them, but I find three meme coins interesting to hold.
I'm explaining everything in this video: https://t.co/0sJnxcaOkB
I do not like meme coins because…
— Michaël van de Poppe (@CryptoMichNL) June 23, 2024
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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 (CRYPTO: DOGE), Bitcoin (CRYPTO: BTC)-based DOG (CRYPTO: RUNES), and Pepe (CRYPTO: PEPE).
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 analyst’s 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.
The final few downwards weeks on #Altcoins are taking place.Perhaps from next week, or the week after, the big rotation should be starting.
I'm positioned well and ready for it.
Risk-on period should be on the horizon.
— Michaël van de Poppe (@CryptoMichNL) June 23, 2024
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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