Anthony Pompliano said that people are blindly investing their money in Reddit coin, which has nothing to do with the company directly or indirectly.
Reddit is a popular social mediation website in the US. Globally this is the 17th top website, where people use the platform to share their opinions & thoughts in particular on sensational topics. This platform is mainly known for its spam-free ecosystem, thanks to the Reddit features & contribution of subreddit community admins.
Three years ago, Reddit jumped into the crypto sector, to create a more systematic model for its Reddit token & integrate the NFTs system corresponding to the profile Avatar images.
At the beginning of 2023, an unknown crypto enthusiast launched a Reddit token on the Ethereum network. Notably this crypto token is not backed by the Reddit company directly or indirectly.
Popular crypto influencer Anthony Pompliano noted that the trade price of this crypto token surged 70% today, following the news related to Reddit IPO development.
Pompliano said that the Reddit token is not related to the Reddit company in any way and also the future of Reddit coin & Reddit company are totally isolated from each other.
Furthermore, he said that people invest money in only those assets which have better future possibilities and this is the reason he is also an investor in a Reddit company.
By taking a negative stance against meme crypto token Reddit, Pompliano said that people are only investing in this token on behalf of meme token trends & hype but they are not aware of the future.
With this opinion, Pompliano suggested people keep money away from any kind of such tokens, which cannot give a better return to Investors in the long term, as such tokens have no future.
Read also: SEC investigating Ethereum (ETH) to prove it a security token: Report