In a recent tweet, Bedrock Capital founder Geoff Lewis dismissed the frenzy by comparing the popular meme coin Shiba Inu (SHIB) to Pets.com, the defunct company that became synonymous with the internet bubble of the late 1990s.
Lewis, an early investor in ride-hailing company Uber, believes SHIB is now exactly where the online pet store was before it exploded in 2000. Geoff Lewis says:
What Pets.com is to the 2000, it’s to the Shiba Inu 2021.
Dog-themed craze is not new!
Known as one of the biggest disasters of the dot-com bubble, Pets.com has become a huge success story just months after the company was founded in February 1999. Online retail giant Amazon bought a 54% stake in the venture in March 1999. In late 1999, Pets.com ran a major advertising campaign that turned the sock puppet mascot into a national celebrity.
The SHIB mascot even makes an appearance in the 2000 Super Bowl
Pets.com’s $1.2 million ad was viewed by nearly 80 million people. It shows various pets left alone so their owners can buy food from physical stores. After Pets.com went public on the Nasdaq in February, the sock puppet appeared on Good Morning America, further boosting the company’s brand awareness. While the pet food retailer spent $11 million, it only managed to make a pitiful $619,000 by selling pet accessories and supplies. Due to the lack of a viable business model, Pets.com was liquidated just 268 days after it began trading on the Nasdaq, making it one of the shortest-lived public companies. The stock fell from $14 to just $0.19.
Experts’ estimate of $0
cryptocoin.com Edward Snowden, whose analysis we share with you, recently gave the alarm about the Dogecoin collapse, claiming that it will not make individual investors rich. At the same time, Creative Planning CEO Peter Mallouk recently warned that the Shiba Inu price could drop to $0 once the crypto’s market cap surpasses Deutsche Bank:
Shiba Inu goes to zero. It may go to the moon first, but it will be a round trip with a forced landing.
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