Everyone was taken aback when Dogecoin, or more precisely Meme coin, was valued at $37 billion. While the altcoin community is ecstatic, few non-supporters, like Barry Silbert, believe it will fall back to $1 billion. DOGE Price is currently enjoying its road to $1, according to him, it’s because of the dedicated and passionate community that never gives up.
Even though Silbert claimed he is “truly enthusiastic to see what DOGE can become over time,” even if it is not worth $37 billion, which is its current market capitalization, he appears to be arguing that DOGE getting close to $1 is clear evidence of it being in a bubble.
Silbert said earlier this month, as the price of Dogecoin elevated to an all-time high market value, that he had taken a short position on the altcoin dogecoin Seems to Be Stuck Between Proponents and Opponents! This Time Barry Silbert Calls It Overvalued!, predicting that its price would fall. So far it’s been good for him. DOGE has lost 54% of its value against the dollar since the announcement three weeks ago.
It is quite clear that Barry Silbert isn’t a big supporter of the meme token. He went on to argue that because of the community and its sentiments, as well as collective conviction, it is overrated. While Silbert said he would “be a buyer” if someone could prove him wrong about the dogecoin also Digital Currency Group is unlikely to issue a Dogecoin Trust anytime soon.
Billionaires on board
Mark Cuban and Elon Musk have expressed their support for Dogecoin, as well as their proposal to turn it into a payment gateway. Musk claims to be in contact with the Doge developers, while Cuban’s NBA team, the Dallas Mavericks, began taking the meme coin earlier this year.
Furthermore Following Musk’s very recent remarks on Dogecoin in a tweet by crypto trading software Blockfolio, made dogecoin price elevate a little. At the time of writing, DOGE Price was trading at $0.338704.