“Casino rigged with stupid people”: Dogecoin creator criticizes cryptocurrencies

Nate Alex, a famous artist and NFT collector, recently expressed a critical opinion on the current state of the cryptocurrency market. He likened it to a rigged casino, suggesting that most of the focus is on onboarding retail investors so that insiders can profit from selling “scamcoins.”

This opinion was widely echoed and attracted the attention of Billy Markusone of the creators of Dogemoneta, known by the pseudonym Shibetoshi Nakamoto. Markus echoed this sentiment, describing the cryptocurrency market as a place where many people pretend to be smarter than they are.

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Interestingly, despite his harsh criticism, Nate Alex remains heavily invested in the cryptocurrency market, in his own words. He stated that almost all of his liquid capital is tied to cryptocurrencies and believes that the market trend will continue to grow, at least for the rest of the year.

Is it really a rigged casino?

The latest cryptocurrency market cycle has seen a shift towards less serious ventures, with new meme cryptocurrencies such as PEPPERBONK and WIF gained a lot of attention last year, laying the foundation for a major meme cryptocurrency craze, which we can observe today.

As a result, Solana exploded with thousands of new meme cryptocurrencies of varying quality, which eventually turned into celebrity tokens which are just as often a means of taking money from less selective cryptocurrency enthusiasts.

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In this context, more fundamental and older projects receive less attention and their prices, unlike meme cryptocurrencies and especially in this cycle, have not increased.

DOGE in USD by CoinMarketCap

Interestingly, even DOGEas the largest and most famous meme cryptocurrency, it did not experience a special surge of interest and subsequent growth in volume and price, as all attention shifted from it to smaller meme coins.

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