Tesla CEO Elon Musk lambasted memecoins throughout a latest look on “The Joe Rogan Expertise,” likening the blossoming sector of the cryptocurrency business to a on line casino.
“It is like a on line casino or one thing. I do not know” the billionaire stated.
He has warned market members in opposition to sinking their life financial savings into meme cash.
On the similar time, Musk has additionally recalled that Dogecoin, the cryptocurrency that he was actively selling prior to now, began off as a memecoin. “It was like a joke cryptocurrency involving memes and canines,” Musk stated.
Rogan described the memecoin craze as “bananas.” “It’s so bananas that folks dump actual cash into these cash,” the podcast host stated.
In the meantime, the cryptocurrency market is presently reeling from the collapse of Solana-based meme cash. In line with 10xResearch, this is likely one of the key causes behind the present correction. The belief that the market is especially dominated by insiders has led to a speedy decline in speculative frenzy.