Mark Cuban, a Billionaire investor and a vocal Dogecoin (CRYPTO: DOGE) advocate, voiced his skepticism about other memecoins about a year ago, likening them to a “game of musical chairs.”
Cuban Not A Fan Of Meme Coins
During a podcast aired Dec. 17, 2024, Cuban revealed his lack of enthusiasm for meme coins.
“It's just hustle. There's no there there, and so it's like a game of musical chairs with money and some people will make money and some people won't,” the “Shark Tank” personality said.
Cuban added that for a meme coin project to succeed, it needs to build a community similar to that of Dogecoin.
“If there’s a meme that develops a community so that it’s almost like a lottery ticket that everybody gets to talk about, then it’s not great, but it’s okay,” he argued.
It’s worth mentioning that Cuban, also a minority owner of the Dallas Mavericks, has been an avid supporter of Dogecoin and frequently uses his public image and social media reach to endorse the cryptocurrency.
The Mavericks previously accepted Dogecoin as payment for tickets and merchandise.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
A Prescient Warning?
Fast-forward a year, and most top-tier, popular memecoins are struggling, including DOGE.
The apex memecoin, Shiba Inu (CRYPTO: SHIB) and Pepe (CRYPTO: PEPE) have tumbled 55%, 60% and 76%, respectively, since the year began, far worse than Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP).
In fact, the total memecoin market capitalization has more than halved this year and collapsed by more than 60% since Cuban made those remarks.
| Cryptocurrency | YTD Gains +/- | Price (Recorded at 12:15 a.m. ET) |
| Dogecoin | -55.56% | $0.1403 |
| Shiba Inu | -60.23% | $0.000008409 |
| Pepe | -76.27% | $0.000004570 |
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