Jordan Belfort, the infamous trader known as the “Wolf of Wall Street,” disparaged the meme coins Dogecoin ($DOGE) and Shiba Inu ($SHIB), among others, as being illegitimate.
Speaking in an interview with The Sun, Belfort said $DOGE and $SHIB had “no value and no use,” and were instead being used as trading devices for speculators. Belfort, who claimed to be a fan of blockchain technology, warned investors against putting money in the “meme coins.”
Belfort commented on the massive popularity of Dogecoin and Shiba Inu, with the latter being one of the most profitable cryptoassets year-to-date. The famed investor said some of the projects existed solely to scam traders out of their money.
He told The Sun,
I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of s**t coins which serve no purpose and are only there to separate people from their money.
Belfort explained that meme coins revolve around stories of average traders making “millions and billions,” but fail to mention the thousands of other investors who lose money on the projects. He went on to say that $SHIB and $DOGE were not a “proper investment.”
People are taking advantage of an unregulated market and creating s**t coins which have no value and have no use.
Belfort was adamant that the creators of certain coins should face jail time for creating illegitimate financial instruments. He highlighted several coins that he found problematic and alleged that their creators have been saying “stuff that’s blatantly illegal” in order to push their projects.
The Wolf of Wall Street went on to say that government intervention in the crypto markets would be good for Bitcoin and Ethereum and that the illegitimate projects were giving the industry a bad name.