Barry Silbert says that Dogecoin (DOGE) is “not worth $37 Billion.”
The founder and CEO of the Digital Currency Group has revealed that he believes the meme cryptocurrency is not worth $37 billion. However, DOGE’s price just keep on surging.
He noted that DOGE is a cryptocurrency that will “certainly” not go away because it has a passionate community. The cryptocurrency’s price rose this year when Tesla CEO and different celebrities show their support for it on social media.
In 2013, Dogecoin was created as a joke crypto. The meme crypto’s community is well-known for taking on philanthropic projects. It includes helping charitable organizations. Then, it made headlines in 2014 after raising over $25,000 worth of DOGE to let the Jamaican bobsleigh team participate in the Winter Olympics in Sochi.
Dogecoin’s price eventually surged to $0.74 as a community effort attempted to get to $1. DOGE’s quick rise led to the creation of many other meme-inspired cryptocurrencies. Dogecoin’s co-creator Billy Markus also said that getting it to a dollar is not a success.
DOGE’s Price Surge
Silbert apparently argued that DOGE getting close to $1 is a sign of it being in a bubble. Although he said that he is “truly excited to see what DOGE can become over time,” even though it is not worth $37 billion, which is its recent market capitalization.
The CEO of Digital Currency Group also predicted that a remarkable crash to the price of Dogecoin will occur. He said that the cryptocurrency’s market capitalization will return to lower than $1 billion. This means that the cryptocurrency’s price will drop from its recent $0.30 to $0.01.
He added that DOGE is the “ultimate momentum, gamble trade.”
According to Silbert, if the “entire value of something comes from a collective belief – and not usefulness or utility – then that thing is overvalued.”
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