Tesla CEO Elon Musk lambasted memecoins during a recent appearance on “The Joe Rogan Experience,” likening the blossoming sector of the cryptocurrency industry to a casino.
“It’s like a casino or something. I don’t know” the billionaire said.
He has warned market participants against sinking their life savings into meme coins.
At the same time, Musk has also recalled that Dogecoin, the cryptocurrency that he was actively promoting in the past, started off as a memecoin. “It was like a joke cryptocurrency involving memes and dogs,” Musk said.
Rogan described the memecoin craze as “bananas.” “It is so bananas that people dump real money into these coins,” the podcast host said.
Meanwhile, the cryptocurrency market is currently reeling from the collapse of Solana-based meme coins. According to 10xResearch, this is one of the key reasons behind the current correction. The realization that the market is mainly dominated by insiders has led to a rapid decline in speculative frenzy.