Barry Silbert, the CEO of Digital Currency Group, says that he believes Dogecoin (DOGE) has staying power.
Silbert, once dubbed as the “crypto king” by CNBC, tells his 522,000 followers in a new tweet that he looks forward to the evolution of the meme cryptocurrency.
“I’m truly excited to see what DOGE can become over time. It certainly is not going away and has one of the most passionate communities.”
However, the head of the crypto-focused venture capital firm highlights that Dogecoin, which currently ranks as the seventh-largest crypto asset, is trading above its fair value.
“It is not worth $37 billion. Sorry…
If the entire value of something comes from a collective belief – and not usefulness or utility – then [DOGE] 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).”
Although Silbert believes that