Mark Yusko Warns Dogecoin & Shiba Inu Coin Could Go To Zero!
Mark Yusko Warns Dogecoin & Shiba Inu Coin Could Go To Zero!
Despite the current crypto rallies that have helped altcoins see their price rise within the past month, Morgan Creek Capital CIO Mark Yusko has recently voiced his bearishness towards two specific popular memecoins, Dogecoin and Shiba Inu Coin.
DOGE & SHIB To Fall To Zero?
In a recent interview with Blockworks, Yusko argues that he thinks the two popular memecoins DOGE & SHIB should go to zero because of their lack of use case.
“Every day I have to live with this, where I say the bear market in crypto will be over when DOGE and SHIB go to zero.” Yusko said.
“What’s the value? What’s the underlying value? Could you turn it in to somebody to get something? Nope. At least Amazon … they generate profits and cash flow. They have found a way to produce return…. Ok, so if I had a share of that company, I could give it back to the company and I would actually get something for that. But a meme stock or a meme coin? There’s no value.”
Yusko further argues that the only reason memecoins like Dogecoin and Shiba Inu coin haven’t seen their price fall to zero yet is due to early investors influencing even more people to buy the coin.
“All it is, is a collective delusion. If you don’t sell and I don’t sell then the price can’t go down. So just – everybody not sell. And in fact, if we can get some other people to buy, then the price will go up. As long as we can continue to get people dog pilled and they buy this then we who were in early, we can sell to them. Ok, but that ultimately has to end and it should have ended with the elimination of free money. But it didn’t.” Yusko argued.
Related: Here’s Why The Sandbox (SAND) Price Is Seeing Massive Gains Today!
Shiba Inu Soars
Despite Mark Yusko’s bearish views however, memecoins like Shiba Inu Coin has been doing relatively well this past year so far.
In fact, SHIB saw its price skyrocket by up to 60% in the past January after the community saw a number of massive whale activity involving these dog-themed coins.
Recently, it was also revealed that Shiba Inu Coin had grown so popular that it had become the second largest altcoin holding among Ethereum whales, with 5,000 of the largest Ethereum whales holding up to 50.9 Trillion SHIB in total.
Related: Shiba Inu Coin Soars By 60% The Past Month, Here’s Why!
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