DOGEBEAR holder Barry Silbert says Dogecoin is ‘going back to sub $1 billion’
DOGEBEAR holder Barry Silbert said he believes the value of Dogecoin should go “back to sub $1 billion”. He told CNBC: “I think in the next two months that value should go back down to sub $1 billion”, when asked about the digital currency’s current valuation.
Barry Silbert is the co-founder of SecondMarket, a digital asset trading platform that allows anyone to buy and trade digital coins. It was announced on July 13th, 2014 that he had sold his entire holdings in Dogecoin (Doge), totaling around $200 million USD. After the announcement he made a statement that contradicted the overall consensus around Dogecoin, which was that it was going to continue on a high. He said Dogecoin was going back to sub $1 billion.
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Barry Silbert doesn’t hold back with his opinion on Dogecoin. In several tweets today, the founder of cryptocurrency conglomerate Digital Currency Group (DCG) praised the enthusiastic community, adding that the controversial meme token will not go away, but said DOGE is highly overvalued. I really want to see what happens to Doge. It certainly won’t go away and has one of the most passionate communities. But it’s not worth $37 billion. – Barry Silbert (@BarrySilbert) May 30, 2021 As a result, the community is very divided on the legitimacy of Dogecoin. While the momentum so far is no laughing matter – it’s currently +6,000% – crypto purists say DOGE’s lack of fundamentals, as well as its ill-defined use-case, puts it in the shitcoin camp. But if celebrities are trying to create conditions for the use of payments, could that change?
Billionaires create theDogecoin scenario
Both Elon Musk and Mark Cuban have previously advocated the idea of using Dogecoin for payments. Cuban started taking Memcoin earlier this year with the Dallas Mavericks in the NBA. In its early days, dogecoin was a popular trick to show appreciation to creators and posters on social media. But more recently, given the phenomenal growth of the company, which earlier this month peaked at $93 billion, making it worth more than BP and British American Tobacco, the search for a stronger use case has begun. Musk says he is in contact with Dogecoin developers to make the token faster for regular payments. At the same time, Cuban is working with US payment provider BitPay to promote the use of payment systems by making it easier for merchants to connect. But in a discussion on Twitter about bitcoin’s poor performance over the weekend, Silbert outlined his prediction for Dogecoin’s market value, saying it would fall back below $1 billion. Despite the backlash from Dogecoin fans, Silbert remained unperturbed, saying that DOGE is a flash in the pan that will lose momentum if large buyers continue to take losses. You’re naive. DOGE is the ultimate momentum, the game of chance. Once the momentum dies down and the current holders are excluded from this deal, they will move on to the next one. They will learn that there are many other/better ways to earn 10x, he explained. He said he was curious about what would happen to DOGE, but added that the company was not worth its current market value of $37 billion.
Silbert came up short
Earlier this month, during Dogecoin’s record high market value, Silbert announced that he had taken a short position on DOGE, predicting that the price would fall. So, $DOY friends, we had a great time. Welcome to the world of crypto-currencies! But it’s time to convert your DOGE into BTC. Disclosure: We opened a short position on DOGE at https://t.co/s8Qde2Ub4Z]. – Barry Silbert (@BarrySilbert) May 8, 2021 So far, this gamble has paid off. Since the announcement three weeks ago, the DOGE has lost 54% of its value against the dollar. Compared to bitcoin, it has performed better: It has lost 29% against the leading cryptocurrency. The question everyone is asking is: Should we expect a further decline?
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On a recent episode of the Unchained podcast, Barry Silbert, the founder and CEO of Digital Currency Group, said that Dogecoin is “going back to sub $1 billion market cap”. He also said that Dogecoin is “better than it’s ever been” and is “on fire”.. Read more about elon musk invest in dogecoin and let us know what you think.
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