Billionaire entrepreneur and Shark Tank star Mark Cuban remains a fan of the original memecoin Dogecoin, but his statements have been confusing.
Mark Cuban Says Dogecoin and All Memecoins Are a Kind of Rug Pull
However, in a recent interview, Cuban expressed skepticism towards meme coins in general, warning that “every memecoin is a rug pull that’s on its way,” but added that this inherent risk is part of their appeal.
Speaking to Farokh Sarmad on Rug Radio, Cuban emphasized the ephemeral nature of memecoins. “Every single memecoin is a rug pull, right? Because there’s no real reason for it to be permanent other than for fun. Memecoins are all a game of musical chairs,” he said.
Despite his cautious stance, Cuban has long supported Dogecoin, going so far as to accept DOGE as payment for Dallas Mavericks merchandise during his time as NBA team owner. He has also claimed that Dogecoin has more practical applications than Cardano, a prominent blockchain platform created by Ethereum co-founder Charles Hoskinson.
In the interview, Cuban acknowledged the merits of major cryptocurrencies like Bitcoin and Ethereum, praising Bitcoin as a store of value and a hedge against fiat currencies, and Ethereum for its ability to power decentralized applications through smart contracts. But he argued that Dogecoin has unique value as a fun, community-focused coin.
“Then there’s Dogecoin, which is more for fun and community,” Cuban said. “It really depends on where you are. And I’m a supporter of all of them. I see the fun, I see the utility, and I see the store value. So it really depends on where you want to go.”
Cuban likened memecoin trading to gambling, where he said timing is everything. “Part of the game with memecoins is timing it to see if you’re going to make money,” he explained. “It’s like flipping a coin; it’s like playing roulette. No one is stupid enough to think that this is a great investment.”
*This is not investment advice.