Billionaire Mark Cuban Believes Dogecoin Has More Applications Than Cardano
- Mark Cuban stated in a recent podcast that Dogecoin (DOGE), the biggest meme coin in the crypto space, has more applications than Cardano (ADA).
- He further added that his “thoughts on Cardano are the same as they are on Polygon and Ethereum.”
American entrepreneur and Shark Tank star, Mark Cuban, has recently said that meme coin Dogecoin has more potential than the 7th largest cryptocurrency in the world, Cardano.
The 64-years-old billionaire joined the Altcoin Daily’s podcast for an hour-long conversation about cryptocurrencies. Cuban discussed the differences between Dogecoin and Cardano, two decentralized application platforms, and argued which of the two has more potential. He stated that his “thoughts on Cardano are the same as they are on Polygon and Ethereum.”
According to Cuban, the number of transactions on a blockchain is a bellwether of success.
“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,”Cuban noted.
Cuban, who sits at 177th position on the 2020 Forbes 400 list with an estimated net worth of $4.7 billion, believes that Cardano could bring the next great application that everyone uses, but it hasn’t happened yet.” Although Cardano has had smart contracts for some time, he believes that Cardano hasn’t had much of an influence.
What advice would the Dallas Mavericks owner and current crypto champion give Cardano co-founder Charles Hoskinson if he appeared on “Shark Tank?” asked the podcast host, to which he replied that he would ask for revenues. He stated just because it’s crypto doesn’t mean revenues are an afterthought and continued:
“There’s this distortion in crypto called the market cap. 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.”
The lack of innovation in the bitcoin industry worries Cuban. “Rather than seeing true innovation, you see replication,” he claimed.
The opportunity for Cardano is higher, according to Cuban, at least until Dogecoin also becomes a platform for applications. “I still think DOGE has got more applications potentially available to it than Cardano,” Cuban added.
Cuban stated that there was a great deal of uncertainty about Ethereum’s switch to proof-of-stake while discussing the upcoming Merge upgrade. He is certain that the adoption of new applications will have a significant impact on the success of the blockchain. Moreover, he also claims that he stays away from addressing Ripple because of its excessively aggressive community.
The multi-billionaire went on to criticize investors who purchase virtual properties in the Metaverse, claiming that the word “dumb” does not accurately describe them. Sales of virtual land have drastically decreased recently due to the crypto market crash.