According to Cointelegraph, investor Mark Cuban said in the Rug Radio podcast that all Meme coins are pump-and-dump scams with no real use. He compared Meme coin trading to roulette and "pass the parcel" games, believing that these currencies lack durability.
Cuban believes that the meme coin market relies on the "greater fool theory," which states that investors can buy assets without fundamentals and sell them to other investors at a higher price. He admitted that he considered trading meme coins, but ultimately did not succumb to temptation.
2024 is shaping up to be the year of the meme coin. In the past 30 days, 381,401 new meme coins were created on the Solana network, many of which lost more than 99% of their value within days of listing. Despite this, some meme coin projects have stood the test of time.
Pepe Meme Coin (PEPE) rose in value by 30% in the week of September 27, and Dogwifhat (WIF) also recorded significant gains in September, but these gains were erased in the first week of October.
