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.
Alex DovbnyaDogecoin 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov