The post Mark Cuban Still Loves Dogecoin But ‘Every Meme Coin Is a Rug Pull in the Works’ appeared on BitcoinEthereumNews.com.

Shark Tank star Mark Cuban is a famous supporter of Dogecoin, the original crypto meme coin. However, in a recent interview, the billionaire entrepreneur and investor said that he believes that “every meme coin is a rug pull in the works”—but that is also what makes them fun.  Meme coins are extremely volatile crypto tokens largely motivated by sensational hype as traders speculate on their price. They’re often based on internet memes, public figures, or world events, though we’ve seen some coins vault to prominence via hacked celebrity accounts… or from a dev setting himself on fire. Ultimately, very little holds up the price of these assets. Moo Deng is just a cute baby hippo, not the future of finance. Nobody should have any illusions about that. “Every single meme coin is a rug pull in the works, right? Because there’s no real reason for it to stick around other than the fun of it,” Mark Cuban told Farokh Sarmad of Rug Radio, Decrypt’s sister company. “Meme coins are all a game of musical chairs.” Cuban has previously been a vocal supporter of Dogecoin, going as far as accepting Dogecoin as payment for merchandise purchases with the Dallas Mavericks, the NBA team that he previously owned. He later claimed that Dogecoin has more potential applications than Cardano, a layer-1 blockchain started by Ethereum co-founder Charles Hoskinson. He still speaks positively of Dogecoin even now. In the interview, he discussed the various major coins and their perceived benefits, whether it’s Bitcoin as a store of value and hedge against fiat currency, or Ethereum with the capabilities of smart contracts to power decentralized apps (dapps). But in his eyes, there’s value to Dogecoin too. “And then there’s Dogecoin, which is more for fun and community,” he said. “It just really depends on…

---

Filed under: News - @ October 3, 2024 8:24 pm