Morgan Creek Capital CIO Mark Yusko has called both Dogecoin and SpaceX's valuations 'silly,' arguing they rely on optimism rather than fundamentals. In a recent interview with Cointelegraph, Yusko compared SpaceX's $2 trillion valuation to Dogecoin, saying that if Elon Musk sold just one DOGE, the price could fall to zero. He pointed to the influence of high-profile holders like Musk and Mark Cuban, noting that Dogecoin lacks cash flows, ownership claims, or underlying assets that support long-term value.
Dogecoin's Vulnerability
Yusko's critique extends to Dogecoin's price behavior. DOGE recently traded around $0.072 after a period of sideways movement, with the 200-day moving average offering only a historical reference rather than a fundamental floor. The bullish case for DOGE still hinges on another public endorsement from Musk, which could spike social activity and attract momentum traders. However, those rallies have historically faded once excitement cools. On the downside, any sign of large holder distribution could accelerate selling pressure, making sharp drawdowns a familiar risk for an asset driven by sentiment.
SpaceX's Stretched Expectations
The same pattern, Yusko argues, applies to SpaceX. A $2 trillion valuation assumes years of exceptional growth, leaving little room for disappointment. Yusko believes those expectations stretch beyond what numbers can reasonably support, making today's valuation difficult to defend. His remarks come as investors reassess speculative assets, where valuations built on optimism often face the toughest questions when sentiment shifts.
Bitcoin as a Measurable Alternative
Yusko is putting his capital where his thesis is, buying Bitcoin every week since February. He cites Tim Peterson's Metcalfe's Law model, which estimates Bitcoin's fair value around $105,000 to $108,000. His message is that capital may eventually favor assets with measurable network value over narratives dependent on confidence. This stands in contrast to Dogecoin, which Yusko sees as entirely reliant on a few holders not selling.
Early-Stage Projects Gain Attention
As large-cap meme coins like DOGE face scrutiny, early-stage projects with defined community mechanics are drawing interest. Maxi Doge ($MAXI), an ERC-20 meme token, has raised $4.98 million in its presale at $0.0002829. It offers dynamic staking APY and features like 1000x leverage, holder competitions, and a treasury for liquidity. The project's structure differs from DOGE's concentrated supply, aiming for viral distribution rather than reliance on a single whale.