According to U.Today, Nate Alex, a renowned NFT artist and collector, has recently criticized the current state of the crypto market, likening it to a 'rigged casino'. He suggested that the primary focus is on attracting retail investors so that insiders can profit by selling dubious cryptocurrencies. This viewpoint has gained traction and was echoed by Billy Markus, one of the creators of Dogecoin, who operates under the pseudonym Shibetoshi Nakamoto. Markus described the crypto market as a place where many individuals pretend to be more knowledgeable than they are.
Despite his strong criticism, Nate Alex remains heavily invested in the cryptocurrency market. He revealed that almost all of his liquid capital is tied up in crypto and he believes the market trend will continue to ascend, at least for the rest of the year.
The recent cryptocurrency market cycle has seen a shift towards less serious ventures, with new meme cryptocurrencies like PEPE, BONK, and WIF gaining significant attention last year. This laid the groundwork for a major meme cryptocurrency frenzy, which is evident today. Consequently, Solana has seen a surge in thousands of new meme cryptocurrencies of varying quality, which often morph into celebrity tokens that are frequently used to extract money from less discerning crypto enthusiasts.
In contrast, more fundamental and older projects are receiving less attention, and their prices have not risen like meme cryptocurrencies in this cycle. Even DOGE, the largest and most well-known meme cryptocurrency, has not experienced a significant surge of interest and subsequent growth in volume and price, as all attention has shifted to smaller meme coins.