Meme Coins Like Shiba Inu And Dogecoin Have Reached Massive Market Caps Despite Lacking User Utility, Says Charles Hoskinson

Cardano (CRYPTO: ADA) founder Charles Hoskinson says that meme coins including Shiba Inu (CRYPTO: SHIB), Dogecoin (CRYPTO: DOGE), and various other crypto projects should be evaluated time to time based on their vision. 

He says that various cryptocurrencies have reached market caps of billions of dollars, despite lacking user utility.

“Every year, we will see thousands of cryptocurrency-related projects launching around the world without end, regardless of economic conditions. It’s also distorted our expectations of return. And many regulatory bodies have warned people about this,” says Hoskinson. 

“But it is unrealistic if there’s a 100x or something to expect that to happen every single year. It just can’t. Math doesn’t work that way,” he adds. 

According to Hoskinson, unrealistic expectations have bred impatience in the crypto industry, and the extremely high returns of some crypto assets have resulted in irrational predictions.

He says that people have developed a very unhealthy view on how long things should take and where value comes from. The cryptocurrency veteran says many people are starting to subscribe to the Greater Idiot Theory of get-in-fast, get-out-fast, and somehow people will have “this great life.”

At press time, Cardano is trading at $1.87 with a trading volume of $1,712,413,886.  Cardano is up 0.07% in the last 24 hours.

Related Link: IS CARDANO SAFE?

Read Full Article

Latest articles

Innovative Mining Protocol Concludes a $2 Million Fundraise Led by Exnetwork Capital and Oracles Investment Group

Leading Venture funds including Exnetwork Capital, CSP DAO, STC Capital, Oracles Investment Group, MoonBoots, Leos Ventures, Global Key Investment, and Aza Groups, have...

A concerning trend? This cryptocurrency soars over 2,13,000% in last 24 hours

Massive price swings in cryptocurrencies is on the rise with Ethereum Meta being the latest token...

Jutta Steiner Leaves Polkadot Builder Parity Technologies

Parity Technologies co-founder and CEO Jutta Steiner has left the company. Parity is the technology firm behind the much-anticipated Polkadot blockchain network.A Parity...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here