Dogecoin, a joke and a meme in previous years, has been steadily rising as one of the most prominent cryptocurrencies in the market today. The cryptocurrency has even seen a 400 percent growth in just one week, causing a threat to other investors.
However, Ethereum co-founder Charles Hoskinson predicts that Dogecoin's rise is not a concern and will eventually decline soon, per Entrepreneur.com.
Dogecoin Bubble Will Burst Soon, Says Ethereum Co-Founder
According to the Ethereum Co-founder, Dogecoin's rise is nothing since it has an unreal technology and without a stable development team. He added that the reason behind its exponential growth is the doings of the Tesla and SpaceX CEO Elon Musk and "the manipulation of the market for astute whales." Hoskinson also expressed his belief that the cryptocurrency will soon decline, and Musk is to blame for all of that.
In his AMA podcast on his YouTube channel on April 22, Hoskinson said that Dogecoin's price would collapse soon because it has no supportable price. When the cryptocurrency declines, much of the retail investor's money will be lost in rapid succession. The fall of Dogecoin will also be a catalyst for regulators and legislators to become more involved in the cryptocurrency market, which would significantly impact the entire industry.
Entrepreneur.com also noted that Dogecoin has increased its value for several months now. As of January of this year alone, it has been priced for 0.004 dollars, which turned into 0.42 cents on April 19. The current Dogecoin price is now at 0.23 dollars, a 0.19 decline. The cryptocurrency has been seen to have 18,000 percent of growth over the last year---with a $30 billion capitalizion price. On April 19, however, Dogecoin reportedly hit its most prominent value of over $49 billion.
Many have regretted not buying Dogecoin stocks when it had little to do with the stock market and that they were at a lower price. But whatever the future holds for Dogecoin, it is certain that Musk will be there to raise a flag "to the moon."
On the actual moon— Elon Musk (@elonmusk) February 24, 2021
Literally pic.twitter.com/XBAUqiVsPH— Elon Musk (@elonmusk) February 24, 2021
More About Charles Hoskinson and Ethereum
As for people who do not know who Charles Hoskinson is, Decrypt shared that he is one of the original five co-founders of Ethereum in 2013 and was an early advocate of Ethereum as a pro-profit corporation. However, this decision was the reason for his departure from the team that eventually led him to create Ethereum Classic and Cardano, a rival blockchain.
Hoskinson was born in Hawaii and was raised in Colorado. He worked as a mathematician before he became interested in Bitcoin and the cryptocurrency world. He already has experience raising money for an early version of a decentralized exchange. He was introduced to Ethereum and the founder of the cryptocurrency Vitalik Buterin.
Ethereum is a decentralized, open-source blockchain with smart contract functionality. It is also the second-largest cryptocurrency by market capitalization, after Bitcoin.