Michael Burry, best known for his movie “The Big Short,” was one of the investors who predicted the 2008 American housing market crash. The crisis oracle made about $100 million at that time. He now reveals the facts for SHIB, DOGE and chest coins in his latest tweets.
Michael Burry criticizing SHIB and Dogecoin hints that the effort is wasted
Burry, who caused GameStop’s shares to rise up to 2,500 percent last year, aimed at Dogecoin at that time. Dogecoin was one of the cryptocurrencies that shined last year with Tesla CEO Elon Musk tweets. Burry thinks Dogecoin’s record price boom at the time was a complete bubble. In addition, in a statement made in late 2021, he called DOGE and SHIB “meaningless”. In his most recent tweet, which has now been deleted, Burry reveals a different math about chest coins. The explanations of the crisis soothsayer in his last tweet were as follows:
One quadrillion seconds is about 32 million years. A quadrillion days is 2.7 trillion years or all of the time since the beginning of the universe. In other words, “meaningless”.
Burry touches on the trillion-dollar failures of chest coins here. Currently, Shiba’s total supply is over 589 trillion.
Burry compared the hype around Bitcoin, chest stocks and other recognized assets to previous bubbles in housing and internet companies. He also criticized the individual investors who pumped GameStop. At the time, he said, there had to be “legal and regulatory responses”. He also described the actions of investors as “unnatural, crazy and dangerous”.
Hedge fund manager voicing his distaste for pump clusters on Twitter
In January, Michael Burry criticized investors who came to a middle for fueling a rally in GameStop shares. In a tweet dated January 27, he wrote:
If I put GME on your radar and you’ve been successful, I’m really happy for you. However, what is happening now should have legal and regulatory repercussions. It’s unnatural, it’s crazy and dangerous
Burry also tagged the enforcement arm of the Securities and Exchange Commission in his Twitter post. The doctor-investor is known for the movie “The Big Short” starring Christian Bale. The movie rests on its bet against the US housing market.
According to reports, Burry had 1.7 million GameStop shares at the end of September at a cost of $17 million. Shares will now be valued at $250 million, an increase of 1400% as of Tuesday’s close.
Will the community’s efforts to burn SHIB be successful?
Despite Burry’s math over a quadrillion, the community continues to willingly support supply reduction efforts. According to data from Shibburn.com, the community and various apps have so far permanently removed 410 trillion Shiba from circulation. Currently, the Shiba Inu is burning decent tokens by sending them to four “dead” addresses. However, according to the statements of the people involved in the development of the project, the process will soon take a new turn. Koindeks.comAs we covered in their analysis, SHIB is currently busy holding the $0.000010 mark.