The crypto industry is perpetually vulnerable to malicious activities, with hackers seemingly relentless in their pursuits. It’s been only two months into 2024 and crypto scams are already making their appearance.
Why exactly are meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) pumping all of a sudden? Bitwise CIO Matt Hougan says there’s a method to the madness.
“The primary driver of alt season is a classic ‘wealth effect,’” wrote Hougan on Twitter Friday.
In the last 24 hours, Ethereum (ETH) has seen a significant influx of nearly $57 million, predominantly driven by crypto whales despite a prevailing bearish sentiment in the broader market.
This development comes as Ethereum’s price struggles to maintain upward momentum.