Cardano CTO Does Not Consider DOGE the Future of Digital Currencies

DOGE is hardly anything more than a meme, and is certainly not the future for digital currencies, according to the Chief Technology Officer (CTO) of IOHK, the research, and development company behind Cardano blockchain.

DOGE Not the Future of Digital Currencies- Cardano CTO

Appearing in an interview on May 21, Romain Pellerin, the CTO of IOHK told that DOGE is just a cryptocurrency for those who are fond of memes. This is why Dogecoin is sort of a meme in itself, according to him.

Amid the cryptocurrency’s recent adulation and pump, DOGE is certainly not the future technology for digital currencies.

He also reminded that Dogecoin is a project that was abandoned by its own developers lacking both in quality and ambition. According to him, there are other, more relevant cryptocurrencies and projects to discuss.

“I am just a bit concerned because everyone talks about Dogecoin, and no one talks about other, more relevant projects,” says Pellerin.

Dogecoin Is Not a Sustainable Coin: Cardano Founder

Singing the same tune, the CEO of IOHK and Cardano (ADA) Founder Charles Hoskinson recently stated that DOGE is not a sustainable coin.

According to Hoskinson, Dogecoin could end up a systematic and catastrophic failure that will negatively affect investors and could “destroy the reputation” of the digital asset industry, and even lead to more stringent regulations.

“And if you look at the distribution of the coin, over 90% of the holdings are held by less than 1% of the participants, so at any time, a cascading failure can happen, and the people who are selling are always in the money, so whether they sell DOGE at $0.60 or $0.01, they make a huge profit, and that’s a very bad situation to be in,” said Hoskinson.

Dogecoin has continually increased and is now the 7th largest cryptocurrency. At the time of writing, DOGE is trading 12.7% higher at $0.36 with a current market capitalization of over $47 billion.