According to Bloomberg analyst Mike McGlone, Dogecoin and Shiba Inu are facing “liquidation” as hawkish Fed action shakes the markets. Mike McGlone is an analyst who became famous for knowing $10,000, $12,000, and $50,000 in Bitcoin. Detail cryptocoin.com‘in.
Danger bells for Dogecoin and SHIB?
Dogecoin and Shiba Inu, both created as prank-themed online coins, fell much faster and harder than the two most valuable crypto assets, BTC and ETH. McGlone said the speculative rally in meme coins like Dogecoin and Shiba Inu last year “shows crypto excesses ripe for liquidation in 2022.” In a report, McGlone said that the Fed’s interest rate hike expectations could put the broad crypto market under pressure, possibly crashing some of the 16,000 existing cryptocurrencies. McGlone describes the Dogecoin and Shiba Inu booms in 2021 as “examples of speculative hype-coins classified as entertainment for gamblers globally.”
Dogecoin and Shiba Inu, both created as prank-themed online coins, fell much faster and harder than the two most valuable bona fide crypto assets, BTC and ETH. The Doge is down 79% from an all-time high of 74 cents in May and is now trading around 15 cents. The Shiba Inu has lost 67% since hitting a record high of $0.00008845 on Oct. 28, according to data from Coinmarketcap. McGlone warned that investing in speculative cryptoassets is a pattern to watch out for for investors. As he spoke, he had examples of Litecoin and XRP in mind. The two had been knocked out of the top five most valuable cryptocurrencies by “dog coins” like Dogecoin and Shiba Inu based on the meme asset enthusiasm of 2021.
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