DCG’s Barry Silbert: ‘Dogecoin is overvalued’
At last check, the price of Dogecoin is green with the larger cryptocurrency market, up 3% to $ 0.31 after trading in the weekend doldrums. The latest gains have lifted Dogecoin’s market cap above $ 40 billion, which one market leader says is overvalued territory.
Barry Silbert, who heads the Digital Currency Group (DCG), has the wrong prediction of the Dogecoin price. Like much of the cryptocurrency community, Silbert expected the price of bitcoin to bottom out over the weekend, but was disappointed with the persistent selloff. From a tweet, he believes Dogecoin “will be the telltale” of the crypto market’s capitulation, pointing to its weekend market cap of $ 37 billion and predicting that “it will come down to less than $ 1 billion.”
“Trade by chance”
Unsurprisingly, Silbert has been the target of attacks from the DOGE community. After calling the cryptocurrency a ‘bet trade’ and suggesting that there are other places to earn 10x on your money, Dogecoin co-founder Billy Markus, whose Twitter account is Shibetoshi Nakamoto, took aim. of the DCG. Silbert said he was “looking to help people not lose money,” and that seemed to put the Dogecoin co-creator off. Markus, who sold all of his DOGE holdings years ago but still accepts tips in cryptocurrency, accused Silbert of being “dishonest,” which sparked a storm of tweets between them.
In a nutshell, Silbert doesn’t see the “usefulness or usefulness” that Dogecoin brings, claiming that its value comes from “collective belief,” which is why DOGE is overvalued in his opinion. Bitcoin, on the other hand, has both of these characteristics – utility and utility – says Sibert. While Digital Currency Group is unlikely to be launching a Dogecoin Trust anytime soon, Silbert said if anyone could prove them wrong about Dogecoin, he would be “a buyer”.
Despite the DOGE drama, Dogecoin investors are focused on future catalysts for the seventh largest cryptocurrency. Chief among them is an upcoming listing on the Coinbase cryptocurrency exchange, which CEO Brian Armstrong nodded to during a recent investor call.
The list, which is would have planned Dogecoin’s profile is expected to increase significantly in the coming weeks given the recent Nasdaq listing and its reach to some 56 million users. Coinbase’s listing follows rival cryptocurrency exchange Gemini as well as the Robinhood Crypto commission-free trading app doing the same.