Mark Cuban recently said in an interview that meme coins are interesting, but ultimately these asset prices have little support, largely due to the sensational hype caused by traders speculating on their prices. But compared to his previous support for Dogecoin, it now seems a bit ironic.
Bitcoin enthusiast and billionaire Mark Cuban revealed in a recent interview that meme coins are fun, but ultimately these asset prices have little support. For example, the recently popular Moo Deng is just a cute little hippo, not the future of finance, and no one should have any illusions about it.
Every memecoin is a rug in the making right? Because other than the fun of it, there's no real reason for it to continue to exist.
He added: "Memcoins are extremely volatile crypto tokens that are largely driven by sensational hype as traders speculate on their prices. They are often based on online memes, public figures or world events. But they are essentially a zero-sum game and do not create much real value."
Mark Cuban Still Supports Dogecoin
Under the leadership of Cuban, the US NBA team Dallas Mavericks announced in early March 2021 that it would begin accepting Dogecoin as a payment method. Fans can use Dogecoin to purchase Mavericks tickets and merchandise online. The enthusiastic support of fans allowed the team to sell more than 20,000 Dogecoins in less than three days.
Since then, more and more companies have announced that they will accept Dogecoin. For example, Burger King in Brazil allows consumers to buy Dogpper dog food with Dogecoin, and Coinbase's e-commerce payment service Coinbase Commerce also provides DOGE payment.
In the interview, Cuban said that he still has a positive attitude towards Dogecoin. He believes that based on the fun and community cohesion of DOGE, Dogecoin still has value:
I see the fun in it, I see the utility in it, I see the storage value in it. So it really depends on where you want to go.
Strong supporter of Bitcoin
He also revealed in an interview that he chooses to buy Bitcoin instead of gold every day.
Cuban believes that Bitcoin is a good store of value and its price rise is mainly due to demand exceeding supply. In addition, he also said that Ethereum's practicality will be the key to its future success.
