Mark Cuban Says All Meme Coins
Are Rug Pulls,
But What
About His Beloved
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin?
Mark Cuban Says All Meme Coins Are Rug Pulls, But What About His Beloved
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin?
by Scott Matherson
4 mins ago
in meme coins
0
Billionaire investor and Shark Tank star, Mark Cuban recently declared that
all meme coins are rug pulls in a podcast. However, this statement contradicts
his well-known support and love for Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin (DOGE) , the first-ever meme coin
and one of the most popular cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in the market.
Mark Cuban: All Meme Coins Are “Rug Pulls”
In a podcast with Farokh Radio on October 3, Cuban stated that all meme-based
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта are rug pulls , implying that these coins are scams designed
to deceive investors. When asked about his view of meme coins in the market,
Cuban explained that the appeal of these digital assets comes largely from
their fun meme theme and strong community backing.
Related Reading: Shiba Inu Whales Back In Action As Activity Explodes 3,840%
Despite his public support for Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin, Cuban compared trading meme coins to
playing a game of roulette or musical chairs. He emphasized that the allure
behind these coins lies in their unpredictability and volatility. He also
pointed out that the value of most meme coins is heavily influenced by market
trends and social sentiments, often surging as more people join in and
declining as sentiment turns negative .
The Shark Tank star also noted that there was no real reason for meme coins to
remain sustainable in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. This statement could be attributed to
meme coin’s general lack of real utility and intrinsic value, especially
compared to household crypto names like Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, and Solana.
Using the recently launched meme coin, MooDeng as an example, Cuban suggested
that meme-based cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта were a fun but risky investment that could
potentially yield profits for lucky investors. He further noted that, no one
was under the illusion that meme coins are sound investments, but their appeal
lies in their playful meme-driven nature and propensity to surge dramatically
.
As he elaborated on his view of meme-based cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта being potential
rug pulls, Cuban admitted that he has often been tempted to invest in these
volatile coins. He revealed that while he has considered trading several meme
coins, he ultimately refrained from doing so due to their unpredictable and
unstable nature.
Is Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin A Rug Pull?
Despite stating that all meme coins were rug pulls, Cuban has regularly shown
strong support for Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin, the leading doggy-themed meme coin. Earlier this
year, the famous billionaire investor disclosed that the Dallas Mavericks• Спорт » Виды спорта » Баскетбол » Баскетбольные клубы США » Даллас Маверикс
• Спорт » Виды спорта » Баскетбол » Национальная баскетбольная ассоциация » Клубы НБА » Даллас Маверикс
• Спорт » Спорт в США » Баскетбол в США » Баскетбольные клубы США » Даллас Маверикс
• Соединённые Штаты Америки (США) » Населенные пункты США » Города США » Города Техаса » Даллас » Спортивные клубы Далласа » Даллас Маверикс
• Объект организация » Организации по алфавиту » Организации на на » Национальная баскетбольная ассоциация » Клубы НБА » Даллас Маверикс, an
American professional basketball team that he owns, still accepts Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin as
a payment method .
Additionally, Cuban is known to speak favorably about Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin, even stating
in his recent podcast with Farokh Radio that he sees the utility and store of
value characteristic in Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin and other cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта like Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum.
Related Reading: Shiba Inu Burns Stalls With Only One Burn Transaction In 24
Hours, Is This The End?
Cuban’s skepticism about the sustainability and legitimacy of meme coins is
echoed in a recent report by BDC consulting which highlights the increasing
number of dead meme coins. The report reveals that as of March 2024, there
were over 2,000 meme coin projects, yet 89% of these coins had a market
capitalization of zero to $1,000, while only 5% surpassed a market
capitalization of $10 million.
The report also notes that 40% of meme coin projects are frequently impacted
by pump and dump schemes while 30% turn out to be rug pulls. However, based on
Cuban’s recent statements in the podcast, 100% of meme coins are rug pulls ,
meaning even his beloved Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin which is the number one• Музыка » Музыка США » Музыканты США » Музыкальные коллективы США » Рок-группы США » Manowar » Альбомы Manowar » Number One meme coin, may fall
into this category. DOGE price still holding $0.1 | Source: DOGEUSDT on
Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
