Meme-based cryptocurrency has soared to the top 8 (once 5th) in terms of market capitalization. We looked at the reaction of cryptocurrency influencers to the surge in DOGE.
[Cardano (ADA) founder Charles Hoskinson “Dojicoin bubble will collapse”]
While Dogecoin jokingly entered the world of cryptocurrency, Hoskinson warns that there is no doubt that as asset prices leap into the stratosphere, a bubble is forming in which many individuals lose huge amounts of money very quickly.
“DOGE has always been some kind of inside joke, funny and light-hearted being in our industry. It always seems to be around, but most of us have never taken it seriously. Recently, Doji has become a haven for new entrants to the cryptocurrency space, with value soaring due to Elon Musk’s efforts and clever whales’ market manipulation. But, let’s be clear. It’s a bubble. DOGE’s price is not sustainable. This will soon collapse and huge amounts of personal funds will be lost very quickly.”
Hoskinson further predicts that when the bubble bursts, it will serve as an invitation for regulators to more closely monitor the way the cryptocurrency industry operates.
“I think if the bubble bursts, it will become a catalyst for regulators and lawmakers to intervene in our industry and harm the entire industry. This is not a good event, and by no means is this sustainable. As you know, looking at the 3rd generation cryptocurrencies Algoland (ALGO), Tezos (XTZ), Avalanche (AVAX) and Cardano (ADA), these projects have a large team, capital and responsibility. They have a desire or reality for use and usability. Dogecoin does not have a stable development team. Toji has no original skills. It is just a copy of Bitcoin. (※ Toji is a fork of Litecoin that forked Bitcoin.)
After the bubble bursts, Congress will have an investigation. The US Securities and Exchange Commission (SEC) will be wandering around. All kinds of regulators will go around and say,’This is proof that cryptocurrency cannot control itself and we have to come in and save you.’”
[Grayscale founder Barry Silvert “What will happen next to Elon Musk and Dogecoin?”]
Barry Silvert, founder of Grayscale’s parent company Digital Currency Group, wonders what Elon Musk will have after Tesla, Gamestop and Dogecoin.
In response, the cryptocurrency-specialized media You2day said, “It can be interpreted as a question of what will be next after Elon Musk, Tesla, Gamestop, and Musk’s favorite Dogecoin.
After Elon Musk’s tweets in 2020 and this year, shares of Tesla and GameStop surged. The same goes for Dogecoin.
[Representative banter Peter Schiff “Dojicoin is eating bitcoin”]
Bitcoin skeptic and gold advocate Peter Schiff, CEO of Europacific Capital, tweeted about the recent rally of Dogecoin and its rise to the top 5 (currently 8th) cryptocurrency market cap.
He is clearly bothering and enjoying the owners of Bitcoin and Dogecoin.
“Dojicoin is eating bitcoin.”
Yesterday, after Doji hit an all-time high of $0.45 and entered the top 5 in the coin market cap, Peter Schiff said on Twitter that “Doji is eating bitcoin.”
“All bitcoin pumpers who believe that bitcoin is superior to gold must now admit that Dogecoin is better than bitcoin,” he added.
While having a debate with his son Spencer, Peter Schiff jokingly said that Doji was superior to Bitcoin, and compared Dogecoin to a’sports car’ and Bitcoin to an’old horse’. (Son was 100% all-in of his Bitcoin portfolio. At the time, Peter Schiff joked that he shouldn’t inherit his son so he can’t buy more Bitcoin.)
He also suggested that Doji fans should wear laser beams on their Twitter profile photos to boost DOGE to its $1 high. (Laser beam to the eye is a kind of memes. Rising beam)
Schiff urges his son to embrace the new technology, just as he continues to advise his son Spencer Schiff to change his mind about BTC to other bitcoin enthusiasts.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.