Michael Burry, best known for the movie “The Big Short,” was one of the investors who predicted the 2008 American housing market crash. The crisis oracle made about $100 million at the time. Now, in his latest tweets, SHIB, DOGE, and meme reveal the facts for coins.
Criticizing SHIB and Dogecoin, Michael Burry hints that efforts are wasted
Burry, who caused GameStop’s shares to rise up to 2,500 percent last year, targeted Dogecoin at that time. Dogecoin was one of the cryptocurrencies that shined last year with Tesla CEO Elon Musk tweets. Burry thinks Dogecoin’s record price boom at the time was purely a bubble. He also called DOGE and SHIB “nonsense” in a statement made in late 2021. Burry reveals some interesting math about meme coins in his latest tweet, which has now been deleted. The explanations of the crisis soothsayer in his last tweet were as follows:
One quadrillion seconds is about 32 million years. A quadrillion days is 2.7 trillion years from the beginning of the universe, or all the time until now. In other words, “meaningless”.
Burry touches on the trillion-dollar failures of meme coins here. Currently, Shiba’s total supply is over 589 trillion.
Burry compared the hype around Bitcoin, meme stocks and other popular assets to previous bubbles in housing and internet companies. He also criticized individual investors who pumped GameStop. At the time, he said, there had to be “legal and regulatory responses.” He also described the actions of investors as “unnatural, crazy and dangerous”.
Hedge fund manager expresses distaste for pump groups on Twitter
Michael Burry criticized investors who had banded together to fuel a rally in GameStop stock in January. In a tweet dated January 27, he wrote:
If I put GME on your radar and you succeeded, I’m really happy for you. However, what is happening now should have legal and regulatory repercussions. It’s unnatural, it’s crazy and dangerous
Burry also tagged the enforcement arm of the Securities and Exchange Commission in his Twitter post. The doctor-investor is best known for the movie “The Big Short” starring Christian Bale. The movie is based on his bet against the US housing market.
According to reports, Burry owned 1.7 million shares of GameStop at the end of September, worth $17 million. The shares will now be valued at $250 million, an increase of 1400% as of Tuesday’s close.
Will the community’s SHIB burning efforts succeed?
Despite Burry’s math over a quadrillion, the community continues to voluntarily support supply reduction efforts. According to data from Shibburn.com, the community and various apps have so far permanently removed 410 trillion Shiba from circulation. Currently, the Shiba Inu is burning certain tokens by sending them to four “dead” addresses. But according to the statements of the people involved in the development of the project, the process will soon take a new turn. As we covered in the cryptokoin.com analysis, SHIB is currently busy holding the $0.000010 support.
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