Mark Yusko, CEO of investment firm Morgan Creek Capital, said that “dog memecoins” were created as a joke and have no real value.
We are talking about the Dogecoin coin and the Shiba Inu token. Dogecoin was created as a joke on the Litecoin code base, but subsequently, mainly thanks to Tesla CEO Elon Musk, gained popularity and now its capitalization exceeds $10 billion. Shiba Inu was created on the wave of DOGE’s popularity and has a capitalization of over $6 billion
“Every day I live with it. I say that the market decline will end as soon as DOGE and SHIB collapse to zero. But they do not strive there, on the contrary, they grow again. But what is their value? What are they based on? Can you use them for anything? Companies like Amazon have value, they work, they generate profits and cash flow, I can sell their shares. But mem coins don’t generate anything. It’s kind of a total mess. If you do not sell the coin, of course it will not fall in price. And now nobody sells DOGE and SHIB. All this should have ended by now, but it continues,” Yusko believes.
Earlier, the CEO of Morgan Creek said that a new bull cycle in the cryptocurrency market will come in the spring of 2023.
Source: Bits
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