Famous hedge fund manager Michael Burry, who has come to the fore with his criticism of meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE), shook the entire crypto money market with just one tweet. Here are the details…
A new tweet came from the expert criticizing SHIB
Michael Burry, a famous American investor, recently tweeted to share his thoughts on the current state of the markets. In a one-word tweet, he urged investors to “sell” their holdings without going into further detail. This harsh warning from Burry has already sparked a heated debate among investors and traders in the crypto space. Many are wondering if the leading investor believes the current crypto rally is about to end and whether he will follow his advice to liquidate his holdings. Some, however, were skeptical of Burry’s words, as his predictions were not always correct.
Burry, who turned into a money manager from a physicist, came to the fore with his warnings that the bubble in the US housing market would burst. In fact, Adam McKay’s story, popularized in the 2015 movie “The Big Short,” reveals his unique investing style. Burry, who founded the hedge fund Scion Capital in 2000, was known for his unconventional investment strategies. The investor was able to detect mispricing in the market and was willing to bet big against the general consensus. Today, Burry continues to invest and manage the money. With a reputation for being an unconventional executive, Burry remains one of the most interesting and enigmatic figures in finance.
Earlier, the meme had said about coins “pointless”
cryptocoin.com As we have reported, Michael Burry is not a Shiba Inu fan. He rejected the Dogecoin-inspired cryptocurrency, whose price more than tripled in the last quarter of 2021, because there were too many cryptocurrencies in circulation. He pointed out that SHIB is meaningless due to the large amount of coins in circulation.
Burry’s tweet indicates that he does not see the Shiba Inu as a compelling investment because the large amount of coins in existence limits the possible price increase. Also, Burry compared the hype about bitcoin, meme stocks and other popular assets to previous bubbles in housing and internet companies. He warned that “with speculative excitement they were driven to insane heights where the fall would be dramatic and painful.” Meanwhile, SHIB’s ecosystem has changed since Burry’s comments. The SHIB community is performing coin burns to reduce supply. This raises the hopes of investors.
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