Cryptocurrency

Twitter’s Jack Dorsey rejects Ethereum, endorses meme token HamsterCoin

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Despite the calls for him to explore other viable investments besides bitcoin, Twitter Chief Executive Officer Jack Dorsey continues to reject ethereum.

Also, this comes despite the fact that Dorsey’s social media platform has already released 140 NFTs on the Ethereum platform.

Following this news, a Twitter user said it would only be a matter of time before the CEO put some investment in ether. However, Dorsey, being a Bitcoin maximalist saying the asset is the most important thing to happen in his lifetime, replied “No” to the user.

Not even the fact that ethereum is the second-largest cryptocurrency by popularity and market capitalization, the Twitter top honcho still doesn’t believe it is worth putting money in. In fact, the billionaire is going as far as picking a meme coin over ETH as a show of his rejection.

HamsterCoin over ethereum

In responding to a Twitter post concerning dogecoin, Jack Dorsey inadvertently endorsed and promoted another meme token in HamsterCoin.

The message supposedly claimed that dogecoin is the biggest threat to ethereum. Dorsey replied to this message and said HamsterCoin is a bigger threat to the leading altcoin.

Following this exchange, the price of HamsterCoin jumped by 250% in just a matter of hours – a development reminiscent of the effect Elon Musk had with dogecoin.

Just another ‘useless’ coin

Built on the Binance Smart Chain, HamsterCoin is a meme token that has no unique use case. Moreover, there is no groundbreaking technology behind the new asset.

It doesn’t support smart contracts and there is no security of decentralization, unlike with ethereum. The digital coin, however, promises financial freedom to its users.

But even with these obvious downsides of the meme coin, investors came rushing to accumulate the asset, pushing its price up in just a short period of time.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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