Bloomberg Intelligence senior commodity strategist Mike McGlone says the Shiba Inu (SHIB) may have tough times ahead. According to McGlone, SHIB may experience a fall worth its rise. Here are the comments of the Bloomberg analyst…
McGlone: SHIB will make a comeback worthy of its rise
In the latest edition of Bloomberg Crypto Outlook, McGlone calls the popular memecoin a “Dogecoin wannabe” and “an example of extremism among 13,000 cryptocurrencies.” cryptocoin.com As we reported, SHIB has made headlines in recent months for its astonishing earnings. The 11th-ranked coin by market cap is trading at $0.000057 at the time of writing, up a staggering 74,142,662.9 percent over the past year. However, it’s worth noting that SHIB has dropped 19.5 percent in the last 30 days.
According to McGlone, who previously knew $10k, $12k and $50,000 in Bitcoin, Shiba Inu’s $40 billion market cap climb puts the coin at a similar risk to Dogecoin (DOGE) in the second quarter of this year. Dogecoin dropped from $0.74 in May to $0.16 in June. McGlone predicts gravity can “overtake the Shiba Inu” and says the meme coin is facing a worthy return to its parabolic rise, adding the following statements:
The problem we see when the Shiba Inu game is over is that many assets can be prone to risk aversion sensitivities.
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