TL; DR Breakdown
- Jordan Belfort says traders need to flee from Dogecoin and Shiba Inu
- Belfort claims investors in the assets will lose money
- Dogecoin and Shiba Inu continues to perform well
In the last few years, holding onto some digital assets in the market was a sure way of bringing profits. Despite market factors being very much available, traders hold on to the assets because of their potential. While many people have seen meme coins like Shiba Inu and Dogecoin as new tokens with potential, others do not follow that school of thought. In a recent statement by famous Wolf of Wall Street, Jordan Belford, traders need to run away from the top two meme tokens in the market.
Belfort claims investors in Dogecoin and Shiba Inu will lose money
According to Belfort’s statement, he mentioned that the lack of premium regulation on the part of the government is giving developers the ability to do what they want in the crypto sector. However, he believes that things like this will be eliminated once governments worldwide decide to take up the responsibility of regulating the space. Belfort gave his statement at an interview with The Sun, one of the leading media outlets in the country.
In the interview, he was skeptical about the potential of tokens like Dogecoin and Shiba Inu while warning investors to stay away from them. In his opinion, Belfort claims that even though he believes and stands with crypto, developers are doing a terrible job of developing ‘shit coins’ for traders to invest in. He positioned that most new projects like Dogecoin and Shiba Inu drain funds from users and make them lose their investments without seeing any gain in the long run.
Meme tokens are doing well in the market
Belfort became very popular in the stock market after his story was made into a movie, ‘The Wolf of Wall Street, where Leonardo DiCaprio acted played him. The story was adapted after his real-life story where he defrauded investors in the stock market in a pump and dump scheme around 1999. After a protracted court sitting and legal battle, Belfort pleaded guilty and confessed to the crime, and served a jail term of 22 months.
Years down the line, he is now in the motivation business as he continues to give insight into potentially risky investments. Talking about his exploits in 1999, Belfort blamed it on greed, one thing that investors and traders need to eliminate to succeed in the market. In his interview, Belfort said that we only hear of most people coming out to say they made millions in profits from SHIB and DOGE.
Belfort says he believes that tons of others are losing massively in the market. Dogecoin and Shiba have continued to gain popularity and patronage in the crypto market as they have risen to unbelievable heights in the last few months. Presently, Dogecoin is ranked in 10th place, with a coin worth $0.2096, while Shiba Inu ranks 13th with a price of $0.00004178.