Jack O’Holleran, CEO of SKALE, has stated that the cryptocurrency industry is still in a speculative phase reminiscent of the early dot-com era. In recent comments, O’Holleran highlighted the challenges facing the sector, including a decline in developer activity to levels not seen since 2018. He pointed to the fallout from the 2018 ICO boom, where 98% of projects failed, and issues such as NFT wash trading as factors contributing to this trend. O’Holleran's remarks reflect a broader sentiment within the crypto community as it continues to navigate market volatility and evolving investor sentiment.