Cardano (CRYPTO: ADA) founder Charles Hoskinson says that meme coins including Shiba Inu (CRYPTO: SHIB), Dogecoin (CRYPTO: DOGE), and various other crypto projects should be evaluated time to time based on their vision.
He says that various cryptocurrencies have reached market caps of billions of dollars, despite lacking user utility.
“Every year, we will see thousands of cryptocurrency-related projects launching around the world without end, regardless of economic conditions. It’s also distorted our expectations of return. And many regulatory bodies have warned people about this,” says Hoskinson.
“But it is unrealistic if there’s a 100x or something to expect that to happen every single year. It just can’t. Math doesn’t work that way,” he adds.
According to Hoskinson, unrealistic expectations have bred impatience in the crypto industry, and the extremely high returns of some crypto assets have resulted in irrational predictions.
He says that people have developed a very unhealthy view on how long things should take and where value comes from. The cryptocurrency veteran says many people are starting to subscribe to the Greater Idiot Theory of get-in-fast, get-out-fast, and somehow people will have “this great life.”
At press time, Cardano is trading at $1.87 with a trading volume of $1,712,413,886. Cardano is up 0.07% in the last 24 hours.
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