- Crypto analyst Michaël van de Poppe has warned that meme coins will crash hard in the upcoming bear market.
- “If you’re holding SHIBA INU, I guess you should be taking profits,” he said.
- Edward Snowden also seems to hold the same point of view.
The prominent crypto analyst and economist Michaël van de Poppe has said it is “sad” that meme coins are in the spotlight, warning the rise of such crypto-assets is not sustainable.
Speaking to the CoinMarketRecap podcast, Michaël van de Poppe, who also chairs the crypto market analysis firm Eight Global, said it is “sad to see the spotlight of cryptos being taken by meme coins at this stage while crypto and blockchain are here for the future.”
Shiba Inu, a so-called Dogecoin killer, witnessed a meteoric upward movement over the last couple of weeks, increasing by over 1,000% in the last month alone. The coin has also been one of the best-performing crypto-assets so far this year, gaining over 900,000,000% in the last 12 months.
However, Michaël believes this rise is not sustainable and SHIB would suffer enormous losses once the market changes direction. When asked if SHIB’s rise could be sustainable, he replied:
Obviously not. If there is going to be a bear market at some point, those meme coins will be crashing heavily and most of them will just go to zero … If you’re holding SHIBA INU, I guess you should be taking profits, just leave it behind.
Echoing the same point of view, Edward Snowden, former computer intelligence consultant at the National Security Agency (NSA) turned whistleblower, warned about the risks associated with dog-themed coins. Hinting at SHIB, Snowden said investors should be mindful when considering investing in a “dog money” that is a clone of another “dog money.”
i say this with love:
if you got talked into exchanging your hard-earned savings for some new dog money because a meme said you'd get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*
— Edward Snowden (@Snowden) October 31, 2021
Following the tweet, SHIB fans started biting back against Snowden. In response, he said, “if you are mad at this tweet you probably need to reduce your position size.”
Plenty of Other Opportunities
Shiba Inu’s price has been extremely volatile recently, acting as a double-edged sword. While investors who entered the market at the right time saw huge gains in a short amount of time, those with bad timing also incurred considerable losses.
For instance, on October 28, SHIB plunged by over 30% in a matter of hours, delivering heavy losses to some investors. While the coin managed to recover later, those who cashed out at the market bottom were badly hurt.
“Well, SHIB corrected down heavily by about 30-40% in a matter of hours. I hope you’ve not been buying last night, if you were feeling the FOMO to get in that coin. There’s plenty of other massive opportunities,” Michaël said at the time, hinting that there are better coins for long-term investment.
Meanwhile, despite being a Bitcoin enthusiast, Michaël does not expect Bitcoin to hit $100k by the year-end. He said:
It’s all depending on the strength and the vertical manner of Bitcoin going upwards. If it’s just going to be grinding like last year, I think we are going to have a little longer bull cycle, but if it’s going to accelerate really fast, like 2017, we are going to top out soon.
