Benzinga – In the midst of the meme coin super cycle frenzy, swing trader Picolas Cage has taken a stand against meme coins, arguing that they are harmful to the overall cryptocurrency ecosystem.
What Happened: “They are disinteresting from a technical perspective and don’t offer anything other than a pure ponzi,” the trader writes, emphasizing their lack of substance.
IMO memecoins are destroying crypto.
I still maintain the opinion that memecoins are a net negative to this space.
They are disinteresting from a technical perspective and don’t offer anything other than a pure ponzi.
They are predatory in nature and usually create a market…
— Picolas Cage (@Picolas_Caged) April 25, 2024
He criticized their predatory nature, suggesting that they create an unfair market environment where less informed participants are pitted against more knowledgeable traders.
What’s…
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