Some of the crypto industry’s most popular meme coins—Dogecoin, Baby Doge, and Safe Moon—are all down this week.
Dogecoin (DOGE)—one of the most famous cryptocurrencies due to Elon Musk’s fascination with the coin—is down roughly 4% on the day and over the last week.
While that might not sound terrible, Dogecoin is having a terrible month, dropping nearly 20% in the last 30 days from a price of $0.25 to $0.19. Within that 30 day period, Dogecoin’s creator, Jackson Palmer, says that cryptocurrencies preyed on the “financially desperate and naive.”
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” he tweeted.
