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Nate Alex, a popular NFT artist and collector, recently expressed a critical opinion on the current state of the crypto market. He compared it to a rigged casino, suggesting that most of the focus is on onboarding retail investors so insiders can profit by selling "scamcoins."
This opinion resonated widely and caught the attention of Billy Markus, one of the creators of Dogecoin, who goes by the pseudonym Shibetoshi Nakamoto. Markus echoed this sentiment, describing the crypto market as a place where many people pretend to be smarter than they are.
Interestingly, despite his harsh criticism, Nate Alex remains heavily invested in the cryptocurrency market, in his own words. He stated that nearly all of his liquid capital is tied up in crypto and believes the market trend will continue to rise, at least for the remainder of the year.
it is a rigged casino with mostly dumb people larping as smart people
— Shibetoshi Nakamoto (@BillyM2k) June 2, 2024
Is it really a rigged casino?
The latest cryptocurrency market cycle has seen a shift toward less serious ventures, with new meme cryptocurrencies like PEPE, BONK and WIF gaining significant attention last year, laying the foundation for a major meme cryptocurrency mania, which we can observe today.
As a result, Solana has exploded with thousands of new meme cryptocurrencies of varying quality, which eventually morphed into celebrity tokens that are just as often a means of taking money from less selective crypto enthusiasts.
Against this backdrop, more fundamental and older projects are getting less attention, and their prices, unlike meme cryptocurrencies and especially in this cycle, have not risen.
Interestingly, even DOGE, as the largest and most famous meme cryptocurrency, has not experienced a special surge of interest and consequent growth in volume and price, as all attention has shifted from it to smaller meme coins.