DOGE branded as Ponzi by the President of the Federal Reserve Bank, Dogecoin is on the hot seat once again.
This article came after the Federal Reserve Bank of Minneaopolis Neel Kashkari called it Ponzi. Interestingly, this happened after Paul Grewal, Coinbase’s General Counsel, created a LinkedIn poll on how to pronounce DOGE.
Also, this isn’t the first time Kashkari has blew up the cryptocurrency. At an event last year, he claimed that cryptocurrency is like a giant Dumpster.
Kashkari explained further:
“The reason the dollar has value is because the US government has a legal monopoly on the production of the dollar. In the cryptocurrency world, there are thousands of these junk coins out there. Literally, people have been robbed for tens of billions of dollars, and finally the SEC is getting involved in fighting it. ”
He added that maybe in the future, cryptocurrency could come up with something great.
“Maybe five years from now or 10 years or 20 years from now something useful will emerge from that, but so far, all that’s coming is burning the trash,” said Kashkari.
On the other hand, despite the left and right problems faced by DOGE lately, the cryptocurrency remains solid. In other words, DOGE has managed to maintain its stability despite today’s bloody market. In fact, DOGE was able to sustain its market capitalization to over $30 billion in the face of high volatility in the cryptoactive market.
Today, DOGE is traded at a decent price of US$0.27, with a 1-year growth rate of almost +11,000%.