—Read Here— Top crypto analyst at ARK Financials, Yassine Elmandjra, reportedly extremely bullish on Bitcoin and Ethereum and bearish on Doge coin.
This should stand as an important reality check for DOGE hodlers. The token is has shown that it can generate millions of dollars of profits despite being a meme, but “much of the value is speculative and we’re ultimately going to see a washout from these prices,” Elmandjra said in the telephone interview Tuesday.
This lack of tangible value he is referring to comes from economic model of Doge coin, which as apposed to many other proof-of-work cryptos, does not have a mining cap on how much can be mined at a time or how much total DOGE can be created in the long term.
This means that most of the price pumps can be attributed to hype in the media and by social influencers like Elon Musk, Tik-Tokers, and Mark Cuban sending millions towards buying DOGE.
“Over a longer-term time horizon we definitely think this is the beginning phase of what’s going to be the birth of an entirely new asset class that we think will be in the trillions of dollars,” Elmandjra said in an interview. He went on to say that ETH is a multimillion dollar opportunity.
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