- Dogecoin branded as Ponzi by the president of the Federal Reserve Bank of Minneaopolis.
- DOGE maintains its over $30 billion market capitalization despite the bearish market.
Dogecoin is on the hot seat once again. This topic arose after the Federal Reserve Bank of Minneaopolis Neel Kashkari called it a Ponzi. Interestingly, this happened after Paul Grewal, Coinbase’s chief legal officer, created a poll on Linkedin on how to pronounce DOGE.
Source: Paul Grewal
Furthermore, this is not the first time that Kashkari blasted cryptocurrency. In an event last year, he stated that cryptocurrency is like a giant garbage dumpster.
Kashkari explained further:
“The reason that the dollar has value is because the US government has a legal monopoly on producing the dollar. In the virtual currency and cryptocurrency world, there are thousands of these garbage coins out there. Literally, people have been fleeced for tens of billions of dollars, and finally the SEC is getting involved in cracking down on this.”
He added that maybe in the future, cryptocurrency could come up with something great.
“Maybe five years from now or 10 years from now or 20 years from now something useful will emerge from this, but so far, all that’s emerging is burning garbage,” Kashkari said.
On the other hand, despite the left and right issues faced by DOGE lately, the crypto remains solid. In other words, DOGE was able to maintain its stability despite the bloody market nowadays. In fact, DOGE was able to sustain its market capitalization to over $30 billion in the face of crypto market wild volatility.
Today, DOGE trades at a decent price of $.27 with a 1-year growth rate of almost +11000%
This article was first published on coinquora.com
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