The ex-stock broker who inspired Martin Scorsese to make The Wolf Of Wall Street movie by his story, Jordan Belfort, attacked meme coins in a recent interview.
While speaking to British tabloid The Sun, the infamous American entrepreneur said that the two popular meme coins Dogecoin and Shiba Inu, have no real value and utility.
He called them “s**tcoins” and further added that the only purpose these coins have is to part people with their funds and question their abilities to make investors rich.
Belfort believes that despite many stories about lucky buyers making huge money with Shiba Inu, there are tons of people who have lost so much in the meme coins sensation. He 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.”
After soaring more than 800% in October, SHIB decreased its value by more than 29% in November. However, the increased number of partnerships has kept the coin on the trending list, and the SHIB price rose by more than 30% in the last couple of days. The crypto exchange giant Kraken recently listed Shiba Inu along with Newegg’s announcement on SHIB payment support.
Martin: meme coins’ founders should go to jail
Martin said that some meme coins should be made illegal, and their creators should be locked behind bars. He himself spent around two years in prison after being charged guilty for securities fraud and money laundering in 1998.
Belfort adds that due to these bad elements, legitimate projects like Bitcoin and Ethereum have to suffer.
Before meme coins, the Squid Game scam coin crashed to zero after flying high, due to which many investors had to face huge losses, making a cautionary tale for crypto investors.
In contrast, the Dogefather, Elon Musk keeps supporting meme coins and recently stressed on the importance of meme numbers like ’69’ and ‘420.’