Rivian, Shiba Inu Are More Alike Than Different, Says Bedrock Capital Co-Founder

Geoff Lewis, the co-founder and managing partner of Bedrock Capital, compared the meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB) to electric vehicle manufacturer Rivian Automotive Inc (NASDAQ:RIVN).

What Happened: In a tweet on Friday, Lewis stated that Rivian and Shiba Inu are more alike than they are different.

The managing partner of the New York-based venture capital firm said the similarities between the Dogecoin (CRYPTO: DOGE) and Tesla Inc (NASDAQ:TSLA) rivals stems from the fact that they have both grown into assets with massive market capitalizations without the fundamental value to match.

Rivian went public Nov. 10 with a valuation of $65 billion. Only five days later, the company is valued at over $110 billion, as shares rose nearly 50% to a price of $149.36 on Monday.

Despite being more valuable than automotive giants such as Ferrari N.V. (NYSE:RACE) and Honda Motor Co. Ltd (NYSE:HMC), Rivian had only delivered 156 R1Ts as of Oct. 30 and has yet to roll out a number of the products in its pipeline.

Similarly, critics of Shiba Inu believed the cryptocurrency’s rise to a $50-billion market cap in October was unjustified given the relative lack of utility compared to other blockchains.  

Price Action: At the time of writing, SHIB was trading at $0.00004987, down 7.38% in the last 24 hours.

Rivian shares were trading 6.19% higher at $158.60 Tuesday morning. 

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