Popular analyst Altcoin Sherpa took to his Twitter account on Thursday to issue a warning to traders who are currently accumulating PEPE tokens. The analyst explained that the price increase will be short-lived and advised traders not to lose money. Instead, he told his followers to buy Ethereum and wait for a bull run.
He said that PEPE will probably survive and not go the way of other “junkcoins” like Safemoon and BONK because it has a recognizable and easily identifiable meme. However, it remains to be seen whether it will have the same strength and popularity as other successful coins such as SHIB that have emerged in the past.
In his opinion, PEPE will stick around for a while, especially given the high volume of transactions in recent weeks. Larger exchanges might list it, but personally, he wouldn’t buy it at the current high price. He said that if someone decides to buy, he thinks it’s better to scalp for a small gain than expect a huge return like a $20 million MC.
“As I said last night, the fork of PEPE will do well in the short term. Pepe type coins/assets will do a few x’s and pump hard, but this Will be ephemeral, few (if any) will survive. Most will go to $0 and scam too. Be careful.”
On the other hand , shorting PEPE or similar tokens like XRP and DOGE is extremely risky as they tend to gain momentum quickly and are difficult to predict.
“Before the bull market really starts, you’re chasing How bad is it to lose all your chips on meme coins? For most investors, the more sustainable way to make money is to buy $ETH at these levels and hold it. Don’t try to “get rich quick”. You could lose your $.GL.”