Dogecoin (DOGE), a meme (content trending on the Internet) cryptocurrency, once rapidly rose to the 5th largest cryptocurrency by market capitalization, and Cardano founder Charles Hoskinson said the bubble of Dogecoin. He warned of collapse.
According to the Daily News, a cryptocurrency media outlet on the 17th (local time), Charles Hoskinson, CEO of IOHK, co-founder of Ethereum (ETH, 2nd in market cap) and founder of Cardano Ada (ADA, 6th in market cap) “The price bubble of Dogecoin will surely burst,” said Ja through YouTube, and that individual investors will suffer enormous losses.
In fact, Dogecoin entered the mainstream with the attention and support of influential people such as Tesla CEO Elon Musk and billionaire entrepreneur Mark Cuban. Accordingly, the price also surged 10,650% year-on-year from 0.004 dollars in January to an all-time high of 0.43 dollars. In particular, it has soared more than 500% in the last 7 days and entered the top 10 in the cryptocurrency market cap.
Charles Hoskinson said, “We’ve mostly never thought seriously about Dogecoin, which started as a meme, but recently, Elon Musk’s comments and clever whale manipulation have made it a haven for new investors, with prices soaring. Certainly, the price of Dogecoin is not sustainable. It will soon collapse, and the vast amount of individual investors’ funds will quickly disappear,” he pointed out.
“I think the bubble collapse will become a catalyst for regulators and lawmakers to intervene in the cryptocurrency industry and harm the entire industry. (Dojicoin surge) is not a good phenomenon.” There is no unique technology. It is just a copy of bitcoin (BTC, number one in market cap).”