Crypto Hedge Fund Veteran Mark Yusko Strikes Dog Coins, Warns Dogecoin and Shiba Inu Should Go to Zero
Morgan Creek Capital CIO Mark Yusko blasts dog-themed meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB), claiming 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 that the bear market in crypto will be over when DOGE and SHIB go to zero. They never broke even. In fact, they go back up. And there is no one there, there. And the only thing there are people who say: Well, you should watch out if they actually find a use case.”
At the time of writing, DOGE is the ninth ranked crypto with a market capitalization of $12.4 billion and trades at $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 that the projects have accumulated large market values ”for nothing”.
“What is the value? What is the underlying value? Can you deliver it to someone to get something? No. At least Amazon…they generate profits and cash flow. They’ve found a way to produce returns… Okay, so if I had a share of that company, I could give it back to the company and I’d actually get something for it. But a meme stock or a meme coin? There is no value.”
Yusko says it’s as if those who piled into the meme tokens early simply agreed not to sell to keep the price from imploding and continue to convince others to buy in.
He also says that he always believed that after the Federal Reserve made a series of interest rate hikes to bring down inflation, it would have caused the meme tokens to collapse.
Hawkish policies tend to drain “free money” from the system, as investors flee speculative investments during market downturns.
“All that is is a collective delusion. If you don’t sell and I don’t sell, the price can’t go down. So just—everybody doesn’t sell. And in fact, if we can get somebody else to buy, the price will go up. As long as we can continue to get people dog pills and they buy this, we, who were early adopters, can sell to them.
Okay, but eventually it has to end, and it should have ended with the elimination of free money. But it didn’t.”
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