Charles Hoskinson the CEO of IOG, is one of the three entities responsible for the building and delivery of the Cardono project. Hiskinson has called out Elon Musk for his ongoing promotion of Doge Coin. The popular meme coin has seeing extraordinary growth in recent months, jumping from a fraction of a penny to over $0.44 with a market cap of over US$50 billion. This valuation has seen the Shiba Inu meme coin jump into a top five crypto spot on the Coin Market-Cap site, flipping major projects such as Cardano,Polkadot and XRP.
This has caused quite a stir in the crypto currency space, but so far only one high profile thought leader in the space , Hoskinson, has publicly shared his opinion on the issue with a dedicated video stating his concerns. Charles has outlined that 94% of the supply of Doge coin is controlled by the top 1%. Every minute that passes $4000 worth of Dodge gets sprinted out of thin air, which is equivalent to 2.2 Billion per year. This supply has no end date, it is a permanent design in the protocol. He reiterates there is no vision, team or philosophy behind the project, no notion to go and do something special to enhance the protocol. “It’s just about getting it to a dollar” he stated. If this was to be realised, the top 1% will be rubbing their hands with glee.
Whenever you see market patterns like that says Charles, The regulator gets involved because they feel they have a moral responsibility to get involved. Look at what they have done to game stop if you doubt what I’m saying.
He concludes, if Elon Musk bought a few million dollars worth of Doge, that’s now worth $1 billion or $2 billion and is found to be dumping on poor people, some of whom are kids who don’t have a lot of money, you better believe that will be the catalyst to bring in a regulator who has that kind of inequality mindset. Even if Elon didn’t do such a thing, the perception that he could’ve done such a thing could be the justification for regulation. While regulation is needed ,this type of behaviour could force excessive strict regulation, which no one wants in the crypto currency space.
Hoskinson has remain one of the most outspoken leaders in the space on various issues, he has now taken on the worlds richest man, calling him out on is continuous tweets about Doge. Many would not attempted such a feat, but if you know Charles, you knows, if he’s got an opinion he’s not afraid to share that opinion in the public domain.
Written by Chris Harris
