Despite Lacking User Utility, Dogecoin (DOGE) and Shiba Inu (SHIB) Have Massive Market Caps: Charles Hoskinson
DailyCoin
Published Nov 23, 2021 10:06AM ET
Updated Nov 23, 2021 10:31AM ET
Despite Lacking User Utility, Dogecoin (DOGE) and Shiba Inu (SHIB) Have Massive Market Caps: Charles Hoskinson
2021 has been a stellar year for cryptocurrencies, with the cumulative crypto market cap growing from $750 billion to as high as $3 trillion.
While most cryptocurrencies have more than doubled their prices in 2021, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have been the star performers, recording some of the biggest gains.
Charles Hoskinson, the founder of Cardano, has shared his opinions about these meme coins.
Hoskinson on Evaluating Crypto Projects
Charles Hoskinson explained that meme coins have reached billion dollar market caps despite lacking user utility, leading to unrealistic expectations in the crypto industry. He added that the 100x gains from meme coins cannot happen every year.
Speaking to his 291,000 YouTube subscribers, Cardano’s founder explained that cryptocurrencies should be evaluated based on their vision.
Hoskinson explained that;
“Old school people like me say you have to have real fundamentals, real transactions, real commerce, a potential for user utility, a path to these things, and a view of how these things are going to work in the world, change the world.”
On The Flipside
- 24 hours after completing its Alonzo upgrade, the Cardano network saw 100 smart contracts. The scalability and utility of the blockchain is also expected to increase with the Hydra upgrade
Why You Should Care?
Investing in meme coins has led to the Greater Idiot Theory, urging investors to get-in-fast, get-out-fast. While there can be gains, it is a very risky investment route
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