Palmer Criticized Crypto Technology
While speaking with a news source, Jackson Palmer, the co-owner of Dogecoin, showed his criticism of the crypto space. He described blockchain technology as a parasitic platform that is heavily infested with scams.
The CEO at Dogecoin affirmed that he initially planned his recent podcast, Griftonomics, around non-crypto topics like online gambling. However, he added that he somehow found his way back to discussing crypto-related topics.
He believed that the crypto space is easily exploited by fraudsters because it is not regulated by anybody or an organization. Palmer continued that crypto uses quick gains and celebrity hype programs to lure more investors. He also pointed out that the industry is always swift in creating narratives that will attract more people to invest.
Crypto Went From Decentralization To DeFi and NFTs
He cited that the concept of crypto initially, was to eliminate transaction middlemen such as banks. However, he noted that the storyline has progressed to decentralized finance and NFTs.
He added that ten years ago, it would be extremely ridiculous to think that Animal JPEGs could be worth millions of dollars someday. However, this unthinkable thought has become a reality today with the aid of politicians and public figures.
Many celebrities such as Eminem, Post Malone, etc. have subscribed to different NFT collections flying around today. This has further increased the hype around the NFT industries, making many investors plunge into it.
Furthermore, he recalled the early days of crypto when a popular actor, Matt Damon, influenced many people to invest in crypto via an endorsement ad.
Palmer also pointed at Elon Musk, Tesla’s CEO, as the major advocate of Dogecoin whose tweets always influence Dogecoin’s price. He further called out several billionaires who are in support of the crypto industry and have been actively involved in the promotion of the space.
He added that those are the individuals that crashed the economy in the 2007-2009 global financial crisis. However, they are the ones that are driving the crypto industry’s vehicle.
Dogecoin Current State
In May last year, Dogecoin saw an all-time high of $0.73 following an endorsement tweet from Elon Musk. However, the coin has lost 80% of its value at the all-time high price due to the recent LUNA crash.
On May 27, this year, the memecoin experienced a momentary increase after Elon adopted it as a payment means in his company, Tesla. Its price skyrocketed by 15%, however, the increase did not last as the DOGE went back to its bearish position. The DOGE token is currently trading at the $0.085 price at the publication time.