Mark Cuban, a Billionaire investor and a vocal Dogecoin (CRYPTO: DOGE) advocate, voiced his skepticism about different memecoins a few 12 months in the past, likening them to a “recreation of musical chairs.”
Cuban Not A Fan Of Meme Coins
Throughout a podcast aired Dec. 17, 2024, Cuban revealed his lack of enthusiasm for meme cash.
“It is simply hustle. There is no there there, and so it is like a recreation of musical chairs with cash and a few individuals will make cash and a few individuals will not,” the “Shark Tank” persona mentioned.
Cuban added that for a meme coin challenge to succeed, it must construct a group much like that of Dogecoin.
“If there’s a meme that develops a group in order that it’s virtually like a lottery ticket that everyone will get to speak about, then it’s not nice, however it’s okay,” he argued.
It’s price mentioning that Cuban, additionally a minority proprietor of the Dallas Mavericks, has been an avid supporter of Dogecoin and steadily makes use of his public picture and social media attain to endorse the cryptocurrency.
The Mavericks beforehand accepted Dogecoin as fee for tickets and merchandise.
See Additionally: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
A Prescient Warning?
Quick-forward a 12 months, and most top-tier, well-liked memecoins are struggling, together with DOGE.
The apex memecoin, Shiba Inu (CRYPTO: SHIB) and Pepe (CRYPTO: PEPE) have tumbled 55%, 60% and 76%, respectively, for the reason that 12 months started, far worse than Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP).
In truth, the overall memecoin market capitalization has greater than halved this 12 months and collapsed by greater than 60% since Cuban made these remarks.
| Cryptocurrency | YTD Beneficial properties +/- | Value (Recorded at 12:15 a.m. ET) |
| Dogecoin | -55.56% | $0.1403 |
| Shiba Inu | -60.23% | $0.000008409 |
| Pepe | -76.27% | $0.000004570 |
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