Geoff Lewis, founder of Bedrock Capital, criticized the Shiba Inu craze and named the popular meme cryptocurrency Pets, a now-defunct company that became synonymous with the internet bubble of the late 1990s. Compared with com.
Lewis, an early investor in Uber, believes SHIB is now where its online pet store was in 2000, before it exploded. dot. Known as one of the biggest disasters of the 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. Pets in late 1999. com ran a massive ad campaign that turned the sock puppet mascot into a national celebrity. The mascot even appeared in the Super Bowl in 2000. Pets. com’s $1.2 million ad was viewed by nearly 80 million people.
Pets. com went public on the Nasdaq in February, and its puppet appeared on Good Morning America, further boosting the company’s brand awareness. The pet food retailer spent $11 million, while selling pet accessories and supplies, it generated just $619,000 in revenue.
Pets due to the lack of a viable business model. 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 $0.19.
Skeptics Criticize SHIB
Cryptocurrency market watchers often draw stereotypes about the dot-com bubble and altcoins, and the Shiba Inu has been the last cryptocurrency targeted by skeptics for its dazzling gains. As we reported earlier, Edward Snowden also recently criticized meme cryptocurrencies, claiming that they will not make retail investors rich.
Creative Planning CEO Peter Mallouk recently warned that the price of the Shiba Inu could drop to $0 after the meme currency’s market cap exceeds that of Deutsche Bank.