Silbert believes Dogecoin’s market value will tumble $1 billion and below $37 billion.
Dogecoin has had an eventful time since Elon Musk’s appearance on the SNL show. It has been from a bullish market to a bearish as Musk continues to pump and dump crypto. Many believe that he is abusing the market; hence they are losing his most advocated currency, Dogecoin. Barry Silbert, who has before expressed he is not a fan of the token, had something to say about its market capitalization.
Major updates:
Silbert predicts a plunge below $1 billion in market value.
Silbert says Dogecoin is not at $37 billion.
Silbert takes note of Dogecoin’s supporters’ community.
Silbert, after identifying the Dogecoin frenzy as a “gambled trade,” has now come onto social media to predict that Dogecoin’s market capitalization will fall below $1 billion. He also said that it is not up to $37 billion. However, he strongly emphasized that Dogecoin , with its abundance of support, was not something that would not fade away very quickly.
Back to its origins in 2013, the Shiba Inu dog coin was first created to mock the prevailing
crypto mania at the time. It was created as a joke until it started gaining a lot of popularity since piquing interest of one of the most highly placed personalities in the world.
Elon Musk has been a heavy supporter of the meme coin as he has uploaded many tweets and memes in honor of the coin. He had even bought some for his last child and had just recently announced plans to launch a dogecoin-funded satellite within the first quarter of 2022.
It is support like this that has gotten Dogecoin inching closer to a dollar. However, the failure to keep up enough to soar up to a dollar has Sipbert thinking Dogecoin is in a bubble, and he is not alone in his theory.
Silbert had predicted that the coin would stumble below the 1 billion market capitalization value and he further stated that the coin was up to $37 billion, which was the recorded market capitalization value at the time of writing. If his prediction comes true, just like one of his previous ones that had seemingly come to pass, Dogecoin going to take such a massive run for the bears that Elon Musk may not be able to save it.
Do you think Silbert could be right about a potential bear market for Dogecoin?
