The biggest risers for the year 2021 have been the meme tokens. With Shiba Inu and Dogecoin entering the list of top 10 currencies by market cap, many analysts have different views on the same. Edward Snowden, a whistleblower and an ex-employee at Dell and CIA, recently criticized these doge tokens on his Twitter handle.
In the tweet, Edward Snowden carefully asked the people to invest in any token, especially meme tokens. Recently, we saw Shiba Inu defeat Dogecoin and enter the top 10 currencies list, rising by more than 800% in the last 30 days. This proves the fact that dog tokens are highly volatile.
According to Snowden, people are exchanging their hard-earned money for “dog money because a meme said you’d get rich.” Dog tokens are a risky investment before of the lack of a fundamental structure backing these currencies with a ridiculously high supply cap.
Edward Snowden vocal against meme coins
He further said in another tweet, “also, if you are mad at this tweet, you probably need to reduce your position size.” To this tweet, a user with a Twitter username of @theDJOblivion called upon the whistleblower, asking if he is mad “because those dollars didn’t go into your beloved BTC.”
To this, the former NSA employee said,
“People can buy any garbage they want, and I’m okay with it. The problem is when they get emotionally manipulated into mortgaging the farm based on a meme’s worth of understanding.”
Edward has been actively supporting cryptocurrencies, but it seems that he doesn’t find meme tokens worthy of his support. Recently, Edward Snowden described the concept of Central Bank Digital Currencies (CBDCs) as a “cryptofascist currency.”
He claims that these digital currencies are designed to put the government and other monetary authorities at the center of each transaction, invading the privacy of individuals, trying to curb the growth of benefits of decentralization. Edward Snowden further stated that a CBDC is not a digital dollar and is very different from a decentralized cryptocurrency.
Edward is known for his positive stance on decentralization, as he quoted in his CBDC paper, “Of all the things that might be centralized and nationalized in this poor man’s life, should it really be his money?”