Crypto Hedge Fund Veteran Mark Yusko Slams Dog Coins, Warns Dogecoin and Shiba Inu Should Go to Zero

Morgan Creek Capital CIO Mark Yusko has attacked dog-themed meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB), claiming they have no value.

In a new interview with cryptocurrency veteran Blockworks To tell In his opinion the two tokens should be zero.

I would say the crypto bear market will be over when DOGE and SHIB go to zero. They never went to zero. And there are only people who say you should care if they actually find a use case.

At the time of writing, DOGE ranks ninth with a market capitalization of $12.4 billion, trading at $0.089. DOGE’s rival, SHIB, is the 14th largest cryptocurrency with a market capitalization of $8.2 billion and a value of $0.0000137.

Yusko said these projects have garnered significant market capitalization “for free.”

“What’s the value? What’s the underlying value? Can you give it to someone and get something? No. At least Amazon… generates profits and cash flow. They’ve found a way to generate profits.” OK, if I had stock in that company, I could give it back to the company and actually get something for it, but memestock or memecoin? There is no.”

Yusko says it’s as if those who piled onto the meme token early on simply agreed not to sell it in order to prevent the price from crashing and continue to convince others to buy.

He also always believed that the meme token would have collapsed after the Federal Reserve issued a series of rate hikes to bring down inflation.

Hawkish policies tend to drain “free money” from the system as investors flee speculative investments during market slowdowns.

“It’s all a collective delusion. If you and I don’t sell, the price doesn’t go down. So nobody sells. In fact, if you can get other people to buy it, the price goes up.” . As long as we keep giving people dog pills and they can buy this, we can sell to them in the early days.

Okay, but it had to end eventually, with the abolition of free money. But it wasn’t.

I

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