CryptoQuant CEO Says “Crypto is in Crisis”, Explains Why
Ki Young Ju, CEO of on-chain tracking and analysis platform CryptoQuant, claimed that the crypto world is in a crisis and that there is no excitement left among both developers and traders. Young Ju, who attributed the lack of new entries into cryptocurrencies to this, said, "A new reason is needed to create excitement and make people happy so that we do not enter a longer recession."
While the crypto world and investors are waiting for the Fed’s new interest rate decision and therefore an upward movement, CryptoQuant CEO Ki Young Ju attributed the declines not to global monetary tightening, but to “boredom and lack of excitement” within the industry.
“Everyone creates their own casino”
“Crypto is in a crisis,” said Young Ju, who stated from his X account that the industry is boring now, the people who produce and develop it have withdrawn from this world, and traders are no longer as excited as they used to be and therefore they are not bringing much money into this field:
“The synergy between traders and developers is very important in this industry that we call ‘crypto’. This world created by developers has attracted the attention of traders as well. People have been literally injected with dopamine. However, these developers have recently left the industry. In their absence, crypto has turned into a gambling circus. The remaining developers are either creating their own gambling games, such as meme coins, or creating products that resemble the traditional financial world.”
I ask Vitalik Buterin”
Stating that an industry that cannot release dopamine (*cannot provide happiness), has no goal and cannot excite people will decline, Young Ju also addressed Vitalik Buterin, one of the founders of Ethereum and who attaches great importance to development:
“People go to what makes them happy. Where are these developers who made us happy? Why did they leave? I don’t know. I also want to ask Vitalik Buterin. Industries that have no goals, jobs, or hobbies are in decline. The crypto industry, which used to make everyone happy, can no longer do that. That’s why we are in a crisis. Now we need a new game that traders will love. Altcoins’ performance in 2024 is not good at all. It’s depressing… If there is no new excitement, I’m afraid the crypto industry will enter a longer recession.”
