Last week, Charles Hoskinson, co-founder and CEO of IOHK, the company responsible for building Cardano, spoke about the dangers of Dogecoin’s current frenzy.
In a video titled “Doge Bubble Edition” that was posted to his YouTube channel on April 16, Hoskinson said:
“DOGE has always been, for our industry, a kind of inner joke, a rock stone, something fun and cheerful. It seems to always exist, though [is] something, for the most part, we’ve never taken seriously.
“Recently, due to Elon Musk’s efforts primarily and the manipulation of the market by intelligent whales, Doge has become stratospheric and has become a haven for new entrants into the space of cryptocurrencies.
“Let’s be very clear: this is a bubble. The price of DOGE is not sustainable. It will collapse and you will lose a massive amount of retail money very quickly.“
He went on to say:
“My thought is that after this bubble bursts, it will be a catalyst for regulators and legislators to get involved in our industry and harm the entire industry.“
The views and opinions expressed by the author or by any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a high risk of financial loss.