Cardano founder Charles Hoskinson, spoke about the Dogecoin mania (DOGE). Currently, the cryptocurrency is growing strongly. On a weekly basis it gained as much as 350%.
Hoskinson: DOGE could suddenly fall in value
Although Dogecoin entered the world of cryptocurrency as a joke, Hoskinson warns that as the price rises, it is undoubtedly creating a new bubble on it. This will cause many people to lose a disturbingly large amount of money very quickly.
– DOGE has always been a kind of inner joke for our industry, a fun, light thing. It just seems to always exist but [jest] something we have never taken seriously in most cases. Recently, largely thanks to the efforts of Elon Musk and market manipulation by clever whales, Doge has become a haven for new players in the cryptocurrency space – He said. – Let’s be clear – this is a bubble. The DOGE price is not sustainable. It will collapse and a huge amount of retail investor money will be lost very quickly – added.
DOGE the Trojan horse?
Hoskinson further predicts that when this bubble bursts, it will encourage regulators around the world to step into the market and more closely monitor how the cryptocurrency industry works.
– I believe that once this bubble bursts, it will be a catalyst for regulators and lawmakers to get involved in our industry and harm the entire industry. It is not a good party and it is by no means permanent – he said about the bull market on DOGE. – You know when you look at 3rd generation cryptocurrencies, Algorands (ALGO), Tezos (XTZ), Avalanches (AVAX), Cardanos (ADA) … these projects have big teams, capital and feel responsible. They have aspirations and usability … DOGE does not have a stable development team. There is no original technology in DOGE. This is a copy of Bitcoin… After the bubble bursts, inquiries from Congress will begin. The US Securities and Exchange Commission (SEC) will operate. There will be all kinds of regulators running around saying: “This is proof that cryptocurrencies cannot control themselves and we must come and save you.” – added.