Minneapolis Fed president calls Dogecoin a Ponzi scheme

June 21, 2021


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Minneapolis Federal Reserve President Neil Kashkari called the meme cryptocurrency Dogecoin a Ponzi scheme in comments to a LinkedIn poll by Coinbase chief legal officer Paul Grewal about the correct pronunciation of the name of the DOGE token.

More than half (57%) of the 1,000 respondents chose the established variant - Do-j [doj]. Twenty-two percent voted for the pronunciation Do-zh [doj]. About the same number (21%) are sure that both variants are correct.

"The correct pronunciation is pon-zi [pon-zi]," Kashkari noted in the comments.

At the time of writing, Dogecoin is trading at $0.26, according to CoinGecko. The mem-cryptocurrency has a capitalisation of $33.7bn.

Recall that in May, billionaire Stanley Druckenmiller criticised Dogecoin and compared the interest in the meme-cryptocurrency to the hype surrounding non-interchangeable tokens.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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