đš Every Meme Coin is a Rug Pull in the Works â Mark Cuban
Billionaire investor Mark Cuban has slammed meme coins, calling them âdrawn-out rug pullsâ with no real-world utility. On the Rug Radio podcast, Cuban equated meme trading to roulette, emphasizing that these tokens thrive on hype, not fundamentals: "It's like musical chairs," Cuban said, noting that meme coins rely solely on attracting more buyers to increase value, eventually collapsing when there are no more "greater fools" to sell to.
Cuban argued that meme coins are supported by the Greater Fool Theoryâthe idea that people buy overvalued assets expecting to sell them for a profit to someone else who thinks they can do the same. For him, meme coins are about gambling, not investing. "Nobody is so stupid as to think this is a great investment," he added, admitting he's occasionally tempted to trade meme coins but always refrains. Despite Cubanâs critique, 2024 has seen explosive growth in meme coin markets.
Over 381,000 new meme coins were created on the Solana network in just the past month. Many of these tokens lose over 99% of their value within days, showcasing the pump-and-dump culture Cuban warns about. Even so, some meme coins, like Pepe (PEPE) and Dogwifhat (WIF), have managed to gain traction. Pepe surged 30% in late September, though these gains quickly evaporated in October, reflecting the volatile and speculative nature of the market.
Takeaway: While meme coins can offer short-term thrills, Cubanâs warning highlights the risks: they're often a gamble, not a solid investment. If you're trading, just know the game might end sooner than you think.
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#markcuban #memecoins #memecoin #pepe #shib $PEPE Â $SHIB Â $FLOKI
