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July 19, 2024
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DOGE And SHIB: The ‘Valueless’ Bubble That Refuses To Burst, Says Mark Yusko

The post DOGE And SHIB: The ‘Valueless’ Bubble That Refuses To Burst, Says Mark Yusko appeared first on Coinpedia Fintech News

In a recent interview with Blockworks, hedge fund veteran and well-known investor Mark Yusko criticized the rise of meme cryptocurrencies such as Dogecoin and Shiba Inu, saying that they are driven by speculation and excitement and lack any real value or utility. He believes that these tokens should go to zero and warns that their market caps have been built for “nothing.”

Yusko argues that these cryptocurrencies are being fueled by hype and that their current value is unsustainable. He warns that investors who have bought into the hype may eventually lose significant amounts of money as the market comes to the realization that these tokens have no real-world applications or tangible goods to back them up.

Despite his criticism, Yusko acknowledges that many investors continue to hold onto these assets and have made significant profits from them. He attributes this to the fact that early investors have committed not to sell, and that the market is being propped up by collective optimism and hype.

However, Yusko believes that a market slowdown or increase in interest rates could lead to a collapse in the value of these meme tokens. He argues that investors tend to avoid speculative investments during periods of economic uncertainty, which could drain “free money” from the system and cause the value of these tokens to plummet.

Overall, Yusko sees the rise of these meme tokens as a collective illusion that is unsustainable and warns that investors who are caught up in the hype may eventually suffer significant losses.

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