Mark Cuban Still Loves Dogecoin But ‘Every Meme Coin Is a Rug Pull in the Works’

Shark Tank star Meme coins are extremely volatile crypto tokens largely motivated by sensational hype as traders speculate on their price. They’re often based on internet memes, public figures, or world events, though we’ve seen some coins vault to prominence via hacked celebrity accounts… or Ultimately, very little holds up the price of these assets. “Every single meme coin is a rug pull in the works, right? Because there’s no real reason for it to stick around other than the fun of it,” Mark Cuban told Farokh Sarmad of Rug Radio, Cuban has previously been a vocal supporter of Dogecoin, going as far as He still speaks positively of Dogecoin even now. In the interview, he discussed the various major coins and their perceived benefits, whether it’s Bitcoin as a store of value and hedge against fiat currency, or Ethereum with the capabilities of smart contracts to power decentralized apps (dapps). But in his eyes, there’s value to Dogecoin too.”And then there’s Dogecoin, which is more for fun and community,” he said. “It just really depends on where you’re at. And I’m a proponent of all of them. I see the fun in it, I see the utility in it, and I see the store value of it. So it really depends on where you want to go.”Cuban’s remark about meme coins being rug pulls is likely referring to lower-market cap tokens, like those launched on protocols like While Dogecoin has the support of Twitter and Tesla owner “Part of the game in meme coins is to time it to see if you’re going to make or lose money,” Cuban explained. “It’s like flipping a coin; it’s like playing roulette. Nobody is so stupid to think this is a great investment—even if they all go on Reddit or Telegram and say: ‘This is the best meme coin ever. To the moon baby!’”He draws parallels between meme coin trading and gambling—a potentially attractive prospect in the U.S. given that “I’m not going to lie: I look at them too,” Cuban admitted of meme coins, mocking his own mindset when trading. “‘Should I buy some? No, don’t be stupid. Don’t be stupid.’ But, you know, it’s like flipping a coin and hoping it comes up. It’s just a game.”Edited by Andrew Hayward