Popular cryptocurrency investigator Coffeezilla has criticized Joe Rogan and Elon Musk for their recent discussion about memecoins on The Joe Rogan Experience, arguing that their casual attitude towards pump-and-dump schemes normalizes potentially harmful investment practices.
During the podcast, Rogan and Musk compared memecoins to casino gambling, a comparison Coffeezilla strongly disputed. He emphasized that unlike casinos with predetermined odds, memecoins often involve manipulated markets more akin to penny stock scams of the 1990s.
Coffeezilla particularly took issue with Musk’s dismissive response to concerns about memecoin legality, where Musk deflected by claiming “the government’s a scam” and comparing Social Security to a pyramid scheme. This response, according to Coffeezilla, shows a concerning lack of responsibility from influential figures who shape public opinion on cryptocurrency.
The crypto investigator highlighted that recent events, such as the Trump memecoin which attracted 192,000 new crypto investors, demonstrate the real impact of these schemes. He argued that it’s primarily vulnerable and desperate individuals, not wealthy figures like Rogan and Musk, who fall victim to memecoin scams.
Coffeezilla also pointed out the regulatory vacuum surrounding memecoins, noting that contrary to expectations of increased oversight, the SEC has essentially abandoned regulation in this space by claiming it falls outside their jurisdiction. This lack of oversight, combined with influential figures minimizing the risks, creates a dangerous environment for retail investors.
The critique highlights a growing concern about the normalization of potentially predatory investment schemes in the cryptocurrency space, especially when endorsed or downplayed by prominent public figures.
