Michael van de Poppe, a cryptocurrency analyst and trader based in Amsterdam, recently commented on the recent spike of joke cryptocurrencies on Twitter and outlined his position on meme coins. He specifically emphasised Pepe’s (PEPE) advantages.
No long-term investment in meme cryptos
Poppe stated on Twitter that he does not include meme coins in his portfolio since he does not see them as long-term investment instruments. He did, however, acknowledge that meme currencies are a useful trade resource. He specifically brought up the PEPE currency, which has gained popularity over the previous several weeks.
The analyst, however, continues to purchase Bitcoin, Ethereum, and Chainlink for his long-term portfolio.
Since its publication in April by a group of unidentified developers, PEPE has gained enormous popularity. The inventors of PEPE were inspired by Pepe the frog, as opposed to the previous generation of meme coins, which were Shiba Inu dog-inspired.
PEPE was successful in gaining a spot trading volume of approximately $3 billion last week. But since then, it has fallen by around 50% from the record high set on May 5. The meme currency was able to recover $1 billion in trading volume after its decline.
Bitcoin drops 6%
The leading digital currency has lost almost 5.64% since Friday, falling from the $29,660 region to its present position of $27,813.
Last week, Bitcoin almost reached the $30,000 mark again. On the announcement of a significant U.S. financial crisis, the BTC price had been recovering for a few months when the Fed decided to make another significant interest rate rise.
