Cardano (ADA) creator Charles Hoskinson said that meme tokens have reached a market capitalization of billions of dollars, despite being far from user-friendly.
Hoskinson told 291,000 YouTube subscribers that crypto projects should be evaluated according to their mission and vision.
“We have Dogecoin (DOGE) and Shiba Inu (SHIB). Technically, they’ve saved tens of billions of dollars. However, there is no user benefit, except for the fact that they have a social network behind them.
However, the proponents of these tokens will argue that the social networks themselves represent value and therefore that is all they need.
Old-fashioned folks like me say you need to have real fundamentals, real transactions, a path to things like real trading and a view of how that will continue in the world.”
Hoskinson says that due to the high returns of some cryptos, unrealistic expectations have arisen in the industry.
“Every year, regardless of economic conditions, we will see thousands of endless crypto projects being launched around the world. This has led to increased expectations and regulatory agencies are warning people about these projects.
However, if there is a constant promise of 100x, this is unrealistic. Math doesn’t work that way”
