Mark Cuban was recently a guest on one of the popular podcasts. He shared his thoughts on the capital markets. He also made a controversial comparison between Cardano (ADA) and Dogecoin (DOGE). In his opinion Dogecoin seems to be more convincing.
A bucket of cold water
Mark Cuban is a well-known entrepreneur and billionaire. In addition, he gained popularity thanks to his “Shark Tank” program, and his positive attitude towards Bitcoin. He was recently a guest on the Altcoin Daily Podcast, where he shared his opinion on the cryptocurrency market. His words, although mainly about Cardano and Dogecoin, can apply to a large part of the market and be a bucket of cold water on the heads of many investors. Is that right? It’s worth judging for yourself.
Cuban points out that although the Cardano ecosystem has smart contracts, he does not observe the ADA playing a larger role in the market in this aspect. In doing so, he refers to the actions that Hoskinson’s team has taken in Africa:
“My guess is that people in Africa don’t use Cardano as much as they expected, because you don’t see the transactions and you don’t see the fees.”
Nonetheless, the billionaire believes that the next big app that perhaps everyone will use will be built on Cardano:
“The door is open for it to happen, but it hasn’t happened yet.”
Charles Hoskinson in “Shark Tank?”
The podcast’s hosts decided to take advantage of Cuban’s experience and asked him to imagine Cardano creator Charles Hoskinson as a guest on the show “Shark Tank.” In doing so, they asked what advice Cuban would give to a developer. The answer turned out to be a question that read: “Where is your revenue?”
Continuing Cuban pointed out one important factor of the cryptocurrency market:
“There is this distortion in cryptocurrencies called market cap. You have low liquidity, you get the price high enough and you have the total number of tokens available in the vault at a billion. You make it a $10 token, and now you have a $10 billion total market cap.”
In doing so, he noted that the problem of market capitalization is widespread, and pointed to the situation of Dogecoin, which at the time of recording the podcast, boasted a market cap of $9.3 billion. Another example pointed out was Shiba Inu, with a result of 6.7 billion.
Cardano vs. Dogecoin
The punchline of the billionaire’s statement, on the other hand, proved devastating. However, we leave it to your own interpretation. Cuban made the following judgment:
“I still think DOGE has more potential uses than ADA. It’s still a business.” In doing so, he added that he believes the opportunities for Cardano remain greater, at least until Dogecoin becomes a platform for applications.