Last week, Charles Hoskinson, Co-Founder and CEO of IOHK, the company responsible for building Cardano, talked about the dangers of the current Dogecoin frenzy.

In a video titled “Doge Bubble Edition” that was released on his YouTube channel on April 16, Hoskinson said:

DOGE has always been, for our industry, kind of an inside joke, a pet rock, a fun, light-hearted thing. It just seems to always be around, but [is] something, for the most part, we have never taken seriously.

Recently, due to the efforts of Elon Musk principally and market manipulation by clever whales, Doge has become stratospheric and has become a haven for new entrants into the cryptocurrency space.

Let’s be very clear – this is a bubble. The price of DOGE is not sustainable. It’s going to collapse, and a massive amount of retail money is going to be lost very quickly.

He went on to say:

My thought is that after that bubble bursts it will be a catalyst for regulators and lawmakers to get involved in our industry and hurt the entire industry.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.