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Shiba Inu Is the of Crypto, Says Bedrock Founder Geoff Lewis

Sun, 11/07/2021 - 09:20
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Alex Dovbnya
Shiba Inu’s rapid rise has revived gnawing memories about the dot-com crash
Shiba Inu Is the of Crypto, Says Bedrock Founder Geoff Lewis
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In a recent tweet, Bedrock Capital founder Geoff Lewis has dismissed the Shiba Inu craze, comparing the popular meme coin to, the now-defunct company whose name has become synonymous with the internet bubble in the late 1990s. 

Lewis, who was an early investor in ride-hailing company Uber, believes that SHIB is now exactly where the online pet store was in 2000 before its implosion. 

Shiba Inu Turns Supermarket Worker into Millionaire, 3 Reasons Why SHIB Plunged 51%, Robinhood Teases SHIB Army: Crypto News Digest by U.Today

Canine manias are not new, which is widely known as one of the biggest disasters of the dot-com bubble, became a huge success story just months after the company was incorporated in February 1999.

Online retail giant Amazon bought a 54% stake in the enterprise in March 1999. In late 1999, ran a big advertising campaign, turning its sock puppet mascot into a national celebrity. 

The mascot even made an appearance at the 2000 Super Bowl.’s $1.2 million commercial was viewed by roughly 80 million people. It showed various pets who were left alone so that their owners could buy them food at physical stores.

After went public on Nasdaq in February, its sock puppet made an appearance on Good Morning America, further increasing the company’s brand awareness.

While the pet food retailer spent $11 million, it only managed to earn a pitiful $619,000 in revenue by selling pet accessories and supplies.

Due to the lack of a viable business model, was liquidated just 268 days after it started trading on Nasdaq, becoming one of the most short-lived public companies. Its stock collapsed from the peak of $14 to just $0.19.

Gnawing memories 

Cryptocurrency market observers frequently make trite analogies about the dot-com bubble and altcoins, and Shiba Inu has emerged as the most recent target of skeptics because of its eye-popping gains. 

As reported by U.Today, famous whistleblower Edward Snowden recently raised alarm over the Dogecoin knock-off, claiming that it won’t make retail investors rich.

Creative Planning CEO Peter Mallouk recently warned that the Shiba Inu price could crash to $0 after the market cap of the white-hot crypto surpassed that of Deutsche Bank.

Despite recently plunging 50% from its lifetime peak, Shiba Inu made a decent comeback over the past two days. It is currently trading at $0.00005672 on the Binance exchange.

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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