Cryptocurrency News

Don’t Waste Your Hard Earned Money On Meme Coins – Geoff Lewis.

Geoff Lewis, the founder of the New York-based startup Bedrock Capital, highlighted the similarities between the comic cryptocurrency Shiba Inu and the electric car company Rivian in a tweet on Friday.

According to a former Lyft supporter, the company’s success is evidence of a “perverted economy” that values “storytelling” over truth.

Rivian made one of the greatest donations in history on November 10th, totaling $12 billion.

Its stock reached a record high of $125 billion earlier today, corresponding to an estimated $105 billion.

The blockbuster attacked Tesla CEO Elon Musk in an unfavorable light. On Wednesday, he tweeted that the EV manufacturer will still pass the “true test” by increasing output and breaking even.

Rivian, a company founded by Amazon founder Jeff Bezos, is about to enter the General Motors market, but there’s a catch: the electric truck manufacturer has only delivered 156 limited automobiles.

Investors, on the other hand, are playing the long game by putting money into power businesses that they believe will rule for the next ten years. President Joe Biden said in August his desire to ensure that electric vehicles account for 50% of all sales by 2030.

It announced sales and losses of $994 million for the first six months of 2021 in October.

Shiba Inu reached a market cap of $51 billion on October 28 despite having a one-year copy of Bitcoin spoof with a dog motif and very few use cases.

Last month, comedian Edward Snowden cautioned his fans not to waste their “hard-earned money” on SHIB.

Lewis compared Shiba Inu to Pets.com, a pet food company that went bankrupt in 2000 and resembled a dot-com bubble.

However, supporters predict that following widespread adoption, Shiba Inu will expand into a massive ecosystem with a great variety of products and many users. Earlier this week, AMC CEO Adam Aron announced that the film studio has begun to work on enabling meme funding.

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