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.
Rivian and Shiba Inu are more alike than they are different.
Symptoms of an inverted economy where abstract narratives of the future supersede economic reality today.
— Geoff Lewis (@GeoffLewisOrg) November 12, 2021
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.