EXCLUSIVE: Dogecoin Millionaire Says Shiba Inu's 'Price Will Drop Massively' As It Won't Ever Beat DOGE

Glauber Contessoto — known to many as the “Dogecoin Millionaire” — said he expects Shiba Inu's SHIB/USD "price will drop massively" and it does not compete with Dogecoin DOGE/USD, especially considering the latter is a coin.

What Happened: Contessoto told Benzinga during an exclusive interview that he does not view Shiba Inu as a coin since it is "still a token that's built on another coin's blockchain" referring to Ethereum ETH/USD. For this reason, he said that it is plagued by the high fees and slow transactions that are so often complained about by Ethereum's community.

Earlier this month, Contessoto also told Benzinga that he has not sold a single Dogecoin and discussed the other cryptocurrency bets he made after making his fortune with DOGE. 

Contessoto also highlighted that when Ethereum co-founder Vitalik Buterin was given 50% of Shiba Inu's supply he gave it away and never talked about the coin again. On the other hand, Buterin purchased it with his own money in the past and supports it — he is even part of The Dogecoin Foundation, which was re-created earlier this year.

See Also: 5 Top Shiba Inu Cryptocurrencies From Best To Worst: Dogecoin, Floki And More

Contessoto acknowledged that Shiba Inu runs a decentralized exchange, is involved with non-fungible tokens and has other "bells and whistles."

Still, he feels like Dogecoin's simplicity is an advantage since it is trying to simply work as a digital currency without the more advanced features. He said that "Bitcoin BTC/USD has gotten so valuable and sought-after that’s it’s now considered a store of value, much like gold" so "no one wants to spend it on everyday purchases." Being worth much less, he considers Dogecoin much more suitable to be "the digital dollar."

When it comes to brand strength, Contessoto bashed Shiba Inu further, saying that "if I were to compare Dogecoin and Shib in regards to mass appeal, market recognition and brand value I would say Dogecoin is like Pokémon and Shib is like Digimon."

Despite all of that, the famed Dogecoin millionaire said that he expects Shiba Inu to have success but it will never beat Doge since it "is the first of its kind as the original and first meme coin ever created." He has gone as far as to say that "any other meme coin has a chance to beat out Dogecoin in the crypto marketplace" and that "there can only be one leader in the meme coin space, just like there can only be one Coca-Cola, only one McDonald’s, only one Apple."

Looking at future prices, Contessoto noted that "SHIB is having its run and the price is very high," he believes that "this isn’t sustainable" and that "the price will drop massively in the coming weeks."

Photo: Executium via Unsplash

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsExclusivesMarketsTrading IdeasInterviewDogecoin MillionaireGlauber Contessoto
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!