Morgan Creek Capital Management LLC CIO Mark Yusko continues to be an outspoken critic of the meme cryptocurrency Dogecoin DOGE/USD, reiterating his stance that the token has no real utility or use case, and consequently should have no value.
What Happened: In an interview with crypto analyst Scott Melker, the hedge fund veteran criticized Dogecoin.
“The speculative nonsense like Dogecoin, why does it even exist? I mean my mind hurts. And I said the bear market would be over when DOGE is zero, and I want to stand by that but I can’t because stupid people are going to be stupid. I get in a debate with this guy. And he’s actually a friend. He’s like, ‘Memes have value'," said Yusko.
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According to Yusko, crypto spring is expected to be mostly range-bound price action. However, summer could shake this up, providing a more favorable environment for a bull market.
Yusko believes that Bitcoin's BTC/USD price could experience a surge in anticipation of the halving event in April 2024. The halving event, which takes place every four years, cuts the rewards given to BTC miners in half.
Price Action: At the time of writing, DOGE was trading at $0.074 down 1.70% in the last 24 hours, according to Benzinga Pro.
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