Mike McGlone, senior commodities strategist at Bloomberg Intelligence, argued that Bitcoin, Ethereum and dollar-pegged stablecoins need to clear the market of dog-themed coins so that they can continue to transform the financial system.
McGlone has a rather negative view of Dogecoin and Shiba Inu, which he considers to be prime examples of this cryptocurrency’s market bubble:
“Dog (themed) coins were good examples of speculative excesses in the space, and the sooner the market is cleared of this bullshit, the more likely it is that the three Musketeers (the rise in Bitcoin, Ethereum and the crypto dollar) will continue to transform the global financial system.”
Shiba Inu and Dogecoin fell 70.87% and 79.21%, respectively, from their record levels in 2021 after posting tremendous returns and captivating the investment community. Both have posted double-digit losses in the past 24 hours, along with Bitcoin and other major cryptocurrencies.
Meme coins are struggling to revive the bullish momentum despite increasing trader adoption. Both Shiba Inu and Dogecoin are on their way to being accepted by the cinema chain AMC. E-car maker Tesla now allows DOGE to be used to purchase certain products. While many continue to reject Dogecoin, billionaire proponents of the meme coin, Elon Musk and Mark Cuban, believe that DOGE can function as a viable means of payment.
In addition, the Shiba Inu continues to see new developments in its ecosystem. The Shiba Inu team recently launched a beta version of a decentralized autonomous organization (DAO) called Doggy.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.