- Dogecoin, Shiba Inu and other Shiba-Inu-themed meme coins are garbage, according to Alex McCurry, the founder of Solidity.io.
- The blockchain development firm CEO’s remarks came at a time when there are growing concerns about the reliability of meme coins like DOGE.
- DOGE price retraced 4% amidst concerns of a further decline after a failed retest of the $0.0944 level.
Dogecoin price failed the retest of $0.0944, a key level for the meme coin. The failed retest aggravated the concerns of the community that believes DOGE is likely to decline lower. Alex McCurry, the founder of Solidity.io took to Twitter to express his dislike for Shiba-Inu-themed cryptocurrencies like Dogecoin, using the word “garbage” to describe these assets.
Also read: Is Bitcoin price out of the woods? Derivatives traders bet on massive rally in BTC
Dogecoin is garbage: Alex McCurry of Solidity.io
Alex McCurry, founder and CEO of blockchain development firm Solidity.io has a strong opinion on Shiba-Inu-themed cryptocurrencies. McCurry believes DOGE, SHIB, BABYDOGE, FLOKI, ELON, among other meme coins are “garbage.”
The blockchain development firm founder’s opinion comes at a time when there is growing concern about the stability and reliability of meme coins in the crypto ecosystem. Experts have criticized meme coins for lacking real value and for being used for speculation and near-instant profits.
The criticism is not limited to McCurry. Steven Cooper, the CEO of Bigger Entertainment has spoken out against Shiba Inu and accused the project of being a pyramid scheme. Cooper argued that the project’s team lacks real achievements and Shiba Inu’s burn mechanism makes it a “pyramid scheme.”
DOGE fails retest of critical level, more blood ahead?
Dogecoin price yielded 4% losses for holders since February 8. The meme coin failed the retest of the $0.0944 level, and analysts at FXStreet believe the Shiba-Inu-themed cryptocurrency could yield more losses in the short-term. Checkout the video below for key price targets.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.