Morgan Creek Capital CIO, Mark Yusko, made a few negative comments about popular altcoins. For example, he claimed that meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) “have no value”. Here are the details…
Yusko targeted SHIB and these coins
Mark Yusko, CIO of Morgan Creek Capital, says in a new interview with Blockworks that, in his view, the two tokens should go to zero. Specifically, he reiterated that he believes the bear trend in the crypto market will end when the price of DOGE and SHIB drops to zero. However, he said that these coins never dropped to zero, on the contrary, they started to rise. “Let me just say this: You better watch out if they really come up with a use case,” he said.
Dogecoin (DOGE) is right behind Cardano, with a market cap currently over $11 million. The coin is changing hands at $0.082, down 7%. The Shiba Inu (SHIB) is changing hands at $0.00001240, down 7.6%. It ranks 15th with a market cap of $7 million. But Yusko says the projects have accumulated huge market values ”for nothing”. The expert used the following expressions:
What is its value? What is the underlying value? Can you give it to someone to get something? No. At least Amazon… they provide profit and cash flow. They found a way to get a return… If I had stock in that company, I could give it back to the company and get something for it. But is it a meme stock or a meme coin? There is no value.
Why do those who buy meme coin hold investments?
Yusko says those who invest in meme tokens early seem to have agreed not to sell to keep the price from exploding and continue to entice others to buy. He also says that he has always believed that once the Fed has made a series of rate hikes to curb inflation, the meme will cause the coins to crash. While investors avoid speculative investments during the market slowdown, hawkish policy tends to pull “free money” from the system. The main thing, according to Yusko, is “a collective illusion”. Yusko uses the following expressions:
If you don’t sell and I don’t sell, the price can’t go down. So it’s just – nobody sells. Okay, but this has to end eventually. It should even have ended with the elimination of free money (the Fed’s stimulus package). But it didn’t.
As we reported as Kriptokoin.com, Yusko had previously established a similarity between Cardano and XRP. Moreover, he compared these two coins with SHIB and DOGE. However, it is worth noting that this comparison is not a very good sign, as it advocates for SHIB and DOGE to go to zero. He also said that he likes Yusko DOT, AVAX, ATOM.
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