Mark Cuban Still Thinks Dogecoin has Bigger Potential than Cardano
Mark Cuban, the celebrity billionaire entrepreneur and well-known Ethereum bull, has put in his two pennies on which altcoin is best – Cardano or Dogecoin.
You know, my thoughts on Cardano are the same as they are on Polygon and Ethereum. There's got to be a there, there.Cuban said
He added that the number of transactions, however, is not too impressive, "I guess the people in Africa are not using [Cardano] as much as they expected because you don't see the transactions, you don't see the fees.”
He also noted that while Cardano has had smart contracts for some time, the project’s impact is yet to be significant as no big application has been built on Cardano. "The door is open for that to happen, but it hasn't happened yet," he said, adding that if he had the chance, he would ask Cardano’s co-founder Charles Hoskinson, “Where are your revenues?”.
He also noted that the market cap is essentially a distortion:
You have a small float, you get the price up enough, and you have a total number available from the treasury at a billion. You make it a $10 token, and now you have a $10 billion total market cap,
At the same time, he acknowledged that the same principle applies to other coins. For instance, Dogecoin and Shiba Inu’s market caps are $9.3 billion and $6.7 billion respectively, saying that "I still think DOGE has got more applications potentially available to it than Cardano”.
During his lengthy interview, he also commented on the Security and Exchange Commission’s (SEC) approach to crypto, saying that while he is not ready to comment on the SEC vs. Ripple case “because the minute I say something they [the Ripple community] go nuts”, he added that he can talk all day long about the Commission, dubbing it “incredibly hypocritical.”
According to Cuban, the SEC’s mantra of “trying to protect investors” requires vetting as the Commission seems to be much less interested in protecting investors of pink sheet stocks, for example, than those investing in crypto.
“They’re not doing the job they’re supposed to do in their areas,” he said, adding that the SEC uses the “regulation through litigation” approach of suing companies in hope that they would be able to use that precedent later to their advantage.
It’s not like a crypto company can call them and ask them what sort of rules they need to follow.he noted.
In May, Cardano reported that it significantly expanded its blockchain.