CIO of Morgan Creek Capital Dogecoin (DOGE) and Shiba Inu (SHIB), two meme tokens with a canine motif, are being criticized by Mark Yusko for being worthless.
The seasoned cryptocurrency expert asserts that, in his perspective, the value of the two currencies should be zero in a recent interview with Blockworks.
“I have to accept the fact that the crypto bear market will end when DOGE and SHIB reach zero every day. In fact, they are rising once more. There isn’t any there either.
DOGE is now trading for $0.089 and is the ninth-ranked cryptocurrency by market cap, with a value of $12.4 billion. SHIB, a competitor of DOGE with a market size of $8.2 billion and a value of $0.0000137, is the 14th-ranked cryptocurrency.
Okay, so if I owned a part in that firm, I could sell it back to the business and make a profit.
According to Yusko, it appears as though individuals who bought meme tokens from the beginning just decided not to sell in order to prevent the price from collapsing and continue persuading people to invest.
He adds that he has always thought that the Federal Reserve’s string of interest rate increases to combat inflation would have led to the collapse of meme tokens.
Hawkish policies typically deplete the system of “free money,” as investors avoid risky ventures during market downturns.
“All that it is is a widespread misconception. The price cannot decrease if neither I nor you sell. Just don’t sell, please. In reality, the price will rise if we can convince more individuals to purchase. We can sell to them as long as we can keep getting folks to take dog pills and then they purchase it from us who got there first.
Okay, but it finally has to come to an end, and the loss of free money should have been the end of it.
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