Benjamin Cowen, Founder of Into The Cryptoverse, has taken a dig at meme coins. The statement does not specifically invoke optimism towards the segment, especially at a time when the entire meme coin sector is declining. However, there are more possible factors influencing the ongoing downturn that spans across the global crypto market.
Benjamin Cowen on Meme Coins
Cowen has called out meme coins to be the lowest rung in the capital stack of cryptocurrencies. He has added that the lowest rung does not rotate, but it disappears when the liquidity tightens. Into The Cryptoverse founder, with this statement, has possibly signalled a bearish tone towards the meme coin sector, with the statement based on a low level of liquidity.
This is not the first time he has taken a dig at meme coins. He earlier called out the rally in the sector as someone else’s liquidity event. Benjamin then said that the actual situation varies based on whether someone is in early distribution or late distribution.
Several members of the community reacted to the post, with one agreeing that a pump rally does feel like an investor is cashing out his/her bag.
Downswings for Meme Coins
Meme coins have currently lost 3.28% collectively in their market cap. This has brought down the value to $28.76 billion, with a surge of 1.87% in 24-hour trading volume, which is hovering around $3.32 billion. All top tokens have taken a hit of over 2% over the last 24 hours.
DOGE, for one, has slipped by 3.63% to $0.09005. SHIB is also down by 2.70% and is now being traded at $0.000005817.
Known to be majorly influenced by their hype, meme coins could possibly have come under the grip of the bearish sentiment that stretches across the global crypto market. All other major meme coins, like PEPE, TRUMP, and BONK, have declined by more than 3%.
Possible Factors
The crypto market is down due to several factors, including, but not limited to, uncertainty over Fed rate cuts, speculation related to US employment & inflation data, and Gold & Silver becoming alternatives for investors.
There are still mixed opinions about the US Federal Reserve slashing rates in the next meeting, or at any time in 2026. US employment and inflation data has broader attention of investors, given that it would shed a macro light on economic conditions. As for Gold and Silver, investors are likely pursuing precious metals to safely accumulate profits.
The content of this article is neither investment advice nor a recommendation. Do thorough research and risk assessment before crypto investments.
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