Back Warns Memecoins May Be Priced at Zero Amid Hyperbitcoinization

Adam Back, CEO of Blockstream and creator of Hashcash, has expressed his concerns about the fate of memecoins. He believes that the 'efficient market' is finally catching up with these speculative crypto tokens, which he expects to eventually be priced at $0 under the Efficient Market Hypothesis.

Back argued that many alternative crypto tokens are losing ground to Bitcoin (BTC), and that hyperbitcoinization is nigh. He urged investors to 'buy bitcoin, hodl, repeat.' His comments came as Dogecoin (DOGE) rallied higher alongside Bitcoin on Sunday, with both assets seeing a 3% increase in price over the past 24 hours.

Jordi Visser, a veteran investor, also commented that Bitcoin could break out before the end of summertime if Dogecoin, gold, and silver continue to rise together. However, analyst Michaël van de Poppe warns of a potential drop in Bitcoin towards $60K if the key support zone between $75,000 and $76,000 breaks down.