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Dogecoin brought a huge surprise for the entire crypto industry this year when its price and market cap skyrocketed enough to make it the third-largest cryptocurrency. Following this month’s price crash, however, DOGE/USD sank down a bit, although it still manages to hold on to the top 10 list.

However, according to Barry Silbert, this might not last for much longer. The founder and CEO of Digital Currency Group stated that DOGE’s current market cap of $39 billion is going to deflate, and that the coin will end up with less than $1b. According to him, this only makes sense, since DOGE is simply not worth this much.

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. but it is not worth $37 billion. sorry

But, despite this grim prediction, even he had to admit that DOGE is likely not going anywhere. It has a very passionate community that will manage to keep the coin alive regardless of how low it goes.

it's going back to sub $1 billion

Silbert added that he truly is excited to see what will become of DOGE over time, although he remains skeptical of the coin’s position among the top-ranking crypto. If he ends up being correct, that means that DOGE price — which previously came to $0.72 — will drop back to or below $0.1.

Silbert explained his stance further by calling DOGE the ‘ultimate momentum, gamble trade,’ adding that he believes that the momentum will go away eventually, and likely sooner than people believe. Once this happens, people will start abandoning Dogecoin for other hot cryptos, and DOGE will start to lose money and popularity in the industry.

you're being naive. DOGE is the ultimate momentum, gamble trade. once the momentum is gone and the current holders take a bath on the trade, they'll move on to the next one. they'll learn there are many other/better ways to make 10x

After all, there are many ways of making 10x returns in the crypto industry, and it is only a matter of time before these new opportunities emerge. Silbert concluded his statement by saying that, if the entire value of something comes from nothing but a collective belief, rather than utility or usefulness, then the thing is overvalued.

This is how he sees DOGE — a useless crypto that has been amusing over the past several months, even years, but ultimately, still a useless coin. The bubble will burst eventually, and DOGE will sink back down to irrelevance.

The post Barry Silbert gives a grim prediction for DOGE appeared first on Invezz.

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