Mark Cuban: ”All meme coins are an ongoing rug pull... they just exist for fun”

Billionaire investor Mark Cuban has made his opinion clear on meme coins. Cuban recently spoke to Rugrado
Radio podcast, sharing his views on the crypto industry, he criticized all meme coins as a long-running rug pull.
According to Coingeco, meme coins emerged as the largest crypto asset hot topic in Q2 2024, accounting for 14.3% of total trading volume.
In an interview, Quban likened meme coin trading to a game of roulette, saying, "Every meme coin is an ongoing rug pull.
"Because the reason it exists is just for fun," he said. "More people will come in and the value of the token will go up."
"There's no reason for it to go up other than for it to go up. It's a game of musical chairs," he said. He also suggested that the meme coin market was driven by the "Greater Fool Theory."
This market hypothesis is supported by the Market Theory, which states that investors buy assets without regard to the fundamentals of the asset and then sell them to other investors who pay a higher price.
The argument goes that investors who buy such overvalued assets can find other investors and make a profit on the assumption that they can sell the assets at a higher price using the same assumptions.
"Nobody is stupid enough to think this is a great investment," Cuban said of meme coins, adding that he occasionally does meme coin transactions.
He admitted that he considered it but ultimately did not give in to the temptation.