Crypto Advocate Shares Scary Warning About Memecoins

Recently blooming meme coin PEPE has been making rounds but not without some scary opinions. Crypto advocate Chris Blec made a tweet about the possible harm of investing in memecoins, including PEPE which he hinted could be a potential scam. He explained to his 48k Twitter followers that the memecoin may eventually cost people their lives if they are not careful.

“Coins like $PEPE don’t happen by accident. Big money, powerful people & careful planning goes into creating these scams. You’re just a pawn in a much bigger game. And games like this have cost many people their lives. Don’t be a fucking idiot,” he tried to clarify.

In response to his post, a Twitter user asked for the difference between PEPE and traditional finance TradFi and all Blec could itemize is the lack of regulation. 

Notably, Blec is not the first crypto expert that has warned the public about an impending collapse of the memecoins. Many are still in awe of how the coin is about to reach a $1 billion market capitalization in just a few weeks after it went live.

PEPE Outrageous Price Rally Pulls in Traders

Within the last two weeks, PEPE has gained up to 500% according to data from CoinGecko and is still shooting further. Only yesterday, the price of FLOKI jumped by 40% and PEPE skyrocketed by 60%. This price rally has caused a high volume of hype around the meme coin causing crypto exchanges like WazirX and Binance to list PEPE on their platforms. 

Global leading digital asset service provider Binance listed the memecoin together with FLOKI. On the other hand, the Indian crypto exchange CoinDCX wants nothing to do with PEP while citing high-risk factors. Investors seem to be paying more attention to the price rally than the sustainability of the uptrend.

Billy Markus, the creator of Dogecoin (DOGE) has not made an attempt to discourage PEPE investors even though he has not bought the much-hyped memecoin. Instead, he congratulated every investor who has made a profit so far from their PEPE trade. Also, he advised them to tuck away enough money as such short-term capital gains have tax implications.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/crypto-advocate-shares-scary-warning-about-memecoins/