Dogecoin co-founder Jackson Palmer compared cryptocurrencies to houses made of playing cards on an Australian television show. “Some of the bottom cards started to fall,” Palmer said.
However, Palmer acknowledged that it is “too early” to state whether the latest correction marks the end of cryptocurrencies.
Palmer stated that the underlying cause of the cryptocurrency collapse was decentralized finance. According to the co-founder of Dogecoin, lenders gambled with users’ funds to offer interest rates that were too good to be true, causing the collapse of cryptocurrencies.
As electronic banking is “pretty easy” to use these days, the Dogecoin co-founder doesn’t see any particular use cases for cryptocurrencies, despite their cumulative valuation approaching $3 trillion last November. The Australian software developer hopes the ongoing collapse will be a “wake-up” call for people.
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