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I'm Not Interested in Meme Coins Long Term, Prominent Analyst Says, Here's What He Buys

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Mon, 8/05/2023 - 15:05
I'm Not Interested in Meme Coins Long Term, Prominent Analyst Says, Here's What He Buys
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Amsterdam-based crypto analyst and trader Michael van de Poppe has taken to Twitter to comment on the recent meme cryptocurrencies boom and explained his stance on meme coins. In particular, he mentioned the positive sides of Pepe (PEPE).

No long-term investment in meme cryptos

Poppe tweeted that he does not view meme coins as long-term investment tools and does not add them to his portfolio. However, he did admit that meme coins are a good trading asset. In particular, he mentioned the PEPE coin that has become popular over the past few weeks.

However, for his long-term portfolio, the analyst keeps buying Bitcoin, Ethereum and Chainlink.

PEPE has become a sensation over the past month, released to the market in April by a team of anonymous developers. Unlike the previous generation of meme coins inspired by Shiba Inu dogs, PEPE creators were inspired by Pepe the Frog.

Last week, PEPE managed to gain a nearly $3 billion spot trading volume. However, since then, it crashed by roughly 50% from the all-time high reached on May 5. After the fall, the meme coin managed to regain $1 billion in trading volume.

Related

Bitcoin drops 6%

Since Friday, the flagship digital currency has lost roughly 5.64%, dropping from the $29,660 zone to the current level of $27,813.

Bitcoin practically managed to recover the $30,000 level last week. However, the Fed's decision on another key interest rate hike pushed the BTC price back after several months of recovery on the news of a major U.S. banking crisis.

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