Morgan Creek Capital CIO Mark Yusko is blasting dog-themed meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB), asserting they have no value.
In a new interview with Blockworks, the crypto veteran says that, in his opinion, the two tokens should go to zero.
“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. They never got to zero. In fact, they’re going up again. And there’s no there, there. And the only there is the people who say: Well, you better watch out if they actually find a use case.”
At time of writing, DOGE is the ninth-ranked crypto with a market cap of $12.4 billion and is trading for $0.089. DOGE’s rival SHIB is the 14th-ranked crypto with a market cap of $8.2 billion and is worth $0.0000137.
Yusko says the projects have amassed large market caps “for nothing.”
“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 says it’s as if those who piled into the meme tokens early on simply agreed not to sell to keep the price from imploding and keep convincing others to buy in.
He also says he always believed that after the Federal Reserve made a series of interest rate hikes to draw down inflation it would have caused the meme tokens to collapse.
Hawkish policy tends to drain “free money” from the system, as investors flee speculative investments during market slowdowns.
“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.”
I
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Source: https://dailyhodl.com/2023/02/09/crypto-hedge-fund-veteran-mark-yusko-slams-dog-coins-warns-dogecoin-and-shiba-inu-should-go-to-zero/