Last week, Charles Hoskinson, Co-Founder, and CEO of IOHK, the firm responsible for building Cardano, expressed the dangers of the current Dogecoin frenzy.
“DOGE has always been, for our industry, kind of an inside joke, a pet rock, a fun, light-hearted thing. It just seems always to be around, but [is] something, for the most part, we have never taken seriously.
“Recently, due to the efforts of Elon Musk principally and market manipulation by clever whales, Doge has become stratospheric and has become a haven for new entrants into the cryptocurrency space.
“Let’s be very clear – this is a bubble. The price of DOGE is not sustainable. It’s going to collapse, and a massive amount of retail money is going to be lost very quickly.“
He went on to state:
“My thought is that after that bubble bursts it will be a catalyst for regulators and lawmakers to get involved in our industry and hurt the entire industry.“
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