Dogecoin and memecoins are special because they kick against Wall Street, top Kraken executive says
Dogecoinand memecoinschannel the same kind of anti-Wall Street sentiment as GameStop, a Krakenexec said.
- Curtis Ting said dogecoin "provides a channel for the throughput of the spirit of the movement."
- Yet critics say dogecoin and memecoins are pointless, highly speculative and dangerous investments.
Dogecoin and other so-called memecoins are special because they're a critique of
Curtis Ting, Kraken's managing director for Europe, told Insider: "In our minds, memecoins are kind of special because memecoins represent a very tangible, investible criticism into the traditional financial structure."
He added: "That's why we support this, because it provides a channel for the throughput of the spirit of the movement." Kraken started allowing its users to trade dogecoin in 2014.
Ting added that he saw many similarities between memecoins and January's GameStop saga, when retail traders organizing themselves on Reddit united to hit hedge funds who had been betting against the stock.
He said people feel the game is rigged by Wall Street and want to find ways to make their voices felt in financial markets. "We're seeing interest in new ways of mobilizing retail investors that are able to help move needles in certain
Yet critics argue that
Ting said Kraken - one of the biggest crypto exchanges in the world - was well aware of the dangers memecoins pose and tried to educate its users on financial risks.
He said the exchange was trying "to properly educate new people who are interested in this space, so that they recognize that, yes, you absolutely could lose all your savings."
Thomas Shohfi, a management professor at the Rensselaer Polytechnic Institute, told Insider in May that comparisons with GameStop are overblown.
"Dogecoin is backed by nothing. It was started as a joke... GameStop is a real company with physical and digital assets. It has been profitable in the past, despite its current brick-and-mortar troubles."
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