In a recent interview, Dogecoin co-founder Jackson Palmer compared investing in cryptocurrencies to playing roulette and said the bottom of the cryptocurrency "house of cards" is "starting to crumble."
Palmer said that while the recent cryptocurrency slump does not represent the end, many people are aware of the "systemic risk" it poses.
Mr. Palmer, who founded Dogecoin with Billy Markus in 2013, has been critical of cryptocurrencies.
"If you think of [cryptocurrencies] as a house of cards, some of the cards at the bottom have started to collapse," he said in a recent interview.
Palmer attributed the recent cryptocurrency slump to decentralized finance (DeFi) and its high-interest lending.
He said the crash was a "wake-up call" for ordinary investors that cryptocurrencies were no different from "roulette."