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Controversial figure Andrew Tate shared his views on the current market dynamics on Monday, focusing on the distinction between meme coins and blockchain projects with real-world applications.
What Happened: Tate said on X, “There’s meme coins that’s great. But each bull run there are the genuinely technological useful or innovating blockchain coins. Last bull run was Defi land. Made 85M on pancake,” Tate said, referencing his financial gains during the rise of decentralized finance (DeFi) platforms.
This statement comes as the world of cryptocurrency is captivated by the rise and fall of meme coins like Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and a slew of Solana (CRYTPO: SOL)-based tokens such as Dogewifhat (CRYPTO: WIF) and BONK (CRYPTO: BONK). Despite creating overnight successes for numerous traders, these coins experienced a steep drop, with many declining over 30% in value within a week.
In particular, the meme coin mania has notably propelled Solana. The cryptocurrency soared above $200, marking a milestone not seen since November 2021, propelled by increased network activities surrounding the meme coin hype. Furthermore, SOL’s market value briefly surpassed its previous highest market capitalization of $75 billion.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, Tate in March distanced himself from launching any cryptocurrency of his own. In a podcast, he declared, “No, I’m never going to launch a crypto,” criticizing the societal value of such ventures by adding, “Crypto is the only scenario I can think of where you can make a whole bunch of money while benefiting society zero.”
In other statements, Tate has downplayed the ability of most people to heed his advice regarding cryptocurrency investments. He expressed frustration on X: “I'd tell you all about Crypto… But you wouldn't listen. The truth is, You are a loser. Like most people. You continue to LOSE at the game, or play and BARELY win.”
Tate is embroiled in serious legal matters. Accused of human trafficking, rape, and forming a group to exploit women, which he contests as unfounded and politically influenced, he faces intense scrutiny and potential penalties.
Amid the ongoing legal process, Romanian authorities have seized several of his assets, such as cars, watches, and cash, along with 21 Bitcoins. They assert that if these assets are proven to be illicitly obtained, they may be utilized for the investigation and possible compensation to victims.
Price Action: At the time of writing, the price of Bitcoin was $65,824, down 4% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
