DOGE’s Market Cap Will Dive Below $1 Billion: Barry Silbert

DOGE’s market cap will dive below $1 billion according to Barry Silbert, after calling the Dogecoin mania an ultimate gamble trade so let’s read more in our latest dogecoin news today.

Silbert predicted that DOGE’s market cap will dive below $1 billion but the former Grayscale CEO added that the coin will certainly stay here due to its passionate community. Despite being launched in 2013, the Shiba-Inu meme token became the center of attention for a few years now after the constant support from Elon Musk and others on Twitter. The rising price led to plenty of copycats but also garnered the attention of retail investors as well as mass media. People wanted to cover the next hot topic that came out of the crypto world and that was DOGE.

bitcoin has both. doge does not. prove me wrong and i'll be a buyer

— Barry Silbert (@BarrySilbert) May 30, 2021

However, a few argued that the surging prices and the tendency to reach the dollar are clear signs of bubble territory. Barry Silbert is the man behind Digital Currency Group and he seems to be one of these people. In a Twitter chat, the executive noted that he is excited to see what DOGE can become over time but he added that it’s not worth $37 billion which the meme coin’s total market cap at the time of writing was.

It’s worth noting that Silbert predicted a huge crash for DOGE by indicating that it will go back to below $1 billion so if his words come to life, Dogecoin’s price will crash below $0.01. after outlining his adverse future price views, Silbert explained his reasons and one of them was that he sees dogecoin as an ultimate momentum and gamble trade. He believes that once the momentum is gone, it could be closer than most people except that the current holders will move from DOGE to other coins. By doing this, they will learn that there are other ways to make bigger returns:

“If the entire value of something comes from a collective belief – and not usefulness or utility – then that thing is overvalued. There’s another name for that, but I’m not going there as I know it wasn’t created for that purpose or why most people loved it early on (like me).”