Charles Hoskinson, the founder of Cardano, delivered a scathing critique of meme coins in a live stream broadcasted on Halloween, October 31, 2024. Speaking from Colorado, Hoskinson addressed the current state of the crypto market, focusing particularly on the proliferation and perceived inherent flaws of meme-based cryptocurrencies.

Cardano, Not Meme Coins

Hoskinson did not mince words in his assessment of meme coins, labeling them as fundamentally devoid of value. “Meme coins, they have no value, they never will have value, they will never ever have value, stop, stop thinking they will you degenerates. Grow the hell up,” he asserted.

Expanding on his criticism, Hoskinson elaborated on the speculative nature of meme coins, characterizing them as inherently unstable and prone to pump-and-dump schemes. “What do you honestly expect? What do you expect? What is the outcome of this game? You buy a token and the token goes up a little bit and a whole bunch of other people rush in and the token goes up and then what happens? People dump on you. That’s how that game works. It’s always worked that way for meme coins, always will work that way for memecoins,” he explained.

Hoskinson also took aim at the role of social media in perpetuating the meme coin phenomenon. He criticized the lack of accountability among self-proclaimed experts and analysts and the ease with which meme coins can be launched and promoted online. “They have no utility. There’s no culture behind somebody taking a picture of me and turning it into a meme coin for the purposes of a pump and dump,” he stated.

The Cardano founder also pondered why meme coins have become that popular this cycle. “We all know that these things [meme coins] have no value. There’s no utility behind them. When they lose their luster, they go to zero. […] The reason why meme coins have any any popularity right now is people are bored […]. We’ve gone through three years of a brutal bear market. It’s been horrible and so people got to do something with all this crypto wealth,” Hoskinson elabo

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Author: Jake Simmons