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Dogecoin Is Not Worth $37 Billion, Says Crypto King Barry Silbert

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Sun, 05/30/2021 - 18:06
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Alex Dovbnya
Barry Silbert of Digital Currency Group believes that Dogecoin derives its value solely from a collective belief
Dogecoin Is Not Worth $37 Billion, Says Crypto King Barry Silbert
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Digital Currency Group CEO Barry Silbert has doubled down on his criticism of Dogecoin.

During a recent Twitter spat with Billy Markus, the co-founder of the meme crypto who tweets under the “Shibetoshi Nakamoto” handle, Silbert wrote that DOGE wasn’t worth $37 billion.

The “crypto king” claims that the coin’s value comes from “a collective belief” instead of any sort of utility.  

On May 5, Dogecoin’s market cap surpassed an eye-popping $90 billion.

On May 8, Silbert announced that he shorted the joke coin while urging its holders to convert their proceeds to Bitcoin. Tesla CEO Elon Musk had his “Saturday Night Live” hosting debut on the same day, which ended up being a typical “sell the news” event: DOGE tanked over 30 percent.     

While Dogecoin has so far failed to recover, it remains the seventh-largest cryptocurrency with a market cap of $39 billion, according to CoinMarketCap.  

Dogecoin
Image by tradingview.com

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Dogecoin is here to stay

Even though Silbert has emerged as the arch-enemy of the Dogecoin community, he admits that the canine coin is here to stay because it has “one of the most passionate” communities.

The Dogecoin’s subreddit recently surpassed 2 million followers. Only r/Bitcoin can boast a higher number of followers among coin-specific subreddits.

Earlier this year, Dogecoin also surpassed Bitcoin in Google search interest.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.