Cardano founder says the social network is responsible for meme coins
Charles Hoskinson shared his stance on the increasing trend of the meme coins like Shiba inu and said that such projects have value because of strong social networks.
Between October and November, there was a big trend for the Shiba inu coin. Many people made profit in this time frame, with Shiba inu, FLOKI coin investment. Even these meme coins have no kind of use cases but still, they are under trend also beating many flagship assets in terms of trading volume and valuation.
In the latest, Charles Hoskinson- founder of the Cardano project- shared his point of view that why the Meme coins trend is increasing over other useful utility use case crypto assets.
According to Charles Hoskinson, the main important thing behind these meme coins ( Dogecoin, Shiba inu, FLOKI) is the social network community.
“… we have Dogecoin (DOGE), Shiba Inu (SHIB). They have accumulated technically tens of billions of dollars of value but there’s no real user utility outside of the fact that there’s a social network behind them”
Further, Charles Hoskinson said that people like me and others will only consider the basic concept for crypto investment. Most of the experts will figure out the use cases and other utilities but here things are changing rapidly.
Charles said that thousands of crypto projects are launched every year but still they are not going toward an end, no matter how much economic instability exists.
On the gem-like coins, which surged by 100× or like that, Charles said that every year will not happen like this and mathematics doesn’t work in this way.
Charles tried to explain that every year 100× in a coin is not possible with every coin and we have to understand to remain aware of the risk. But besides all these, many people make rules and systems to make money fastly and quickly.
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