Meme coins like Shiba Inu [SHIB] and Dogecoin [DOGE] have been residing under the limelight and have no intention of moving out. While the globe has taken a keen interest in these assets, a few individuals have been having a hard time viewing these assets as real cryptocurrencies. Jordan Belfort, who also goes by ‘Wolf of Wall Street,’ belonged to the latter.
The term “shitcoin” has made quite the round in the crypto-verse. Cryptocurrencies that had little value and were often part of pump and dump schemes are often referred to as shitcoins. Belfort decided to categorize both Shiba Inu as well as Dogecoin as shitcoins.
Appearing in a recent interview with The Sun, the Wolf of Wall Street expressed his thoughts about the meme coins that had created quite an uproar in the market. However, he did not have the greatest things to say about these assets.
“Shiba Inu and Dogecoin are jokes”
Belfort has been extremely vocal about his interest in crypto. But Shiba Inu and Dogecoin just didn’t make the cut. Despite being a fan of blockchain, Belfort noted that he detested the fact that there were a lot of shitcoins in existence. He believed that these assets served no purpose and their main agenda was to “separate people from their money.”
Belfort opined that shitcoins were the product of an unregulated market. Having been to prison himself, Belfort suggested that those behind shitcoins should “go to jail” since they aren’t legitimate, he added. The former stockbroker further stated,
“You hear crazy stories of people making millions and billions but for every person like that, there are 10,000 or 100,000 people getting their a** handed to them in Shiba Inu. [..] It’s not a proper investment.”
While the entire crypto market has been booming, Belfort noted that prominent assets that have great value could be shadowed by shitcoins.
Additionally, stressing the involvement of the government, Belfort said the “sooner governments step in the better it is for crypto.”
After a pretty good run, Shiba Inu was seen slipping by 10.27% in the last 24-hours and its price dropped to a low of $0.0000462.