Bloomberg Intelligence senior commodity strategist Mike McGlone, who had previously been right about some cryptocurrencies with his various predictions, conveyed his comments on meme coins. He argues that for Bitcoin (BTC), Ethereum (ETH), and dollar-pegged stablecoins to continue transforming the world’s financial system, the market needs to be freed from meme coins like Shiba Inu, Dogecoin. cryptocoin.com We are giving the details as…
Comments on Shiba Inu and DOGE by Mike McGlone
McGlone has a rather negative view of Dogecoin and Shiba Inu, stating that this cryptocurrency is prime examples of bubbling in the market. McGlone uses the following expressions:
Dog coins were good examples of speculative excesses in the space, and the sooner the market is cleared of this bullshit, the faster the three Musketeers – Bitcoin, Ethereum and the crypto dollar will continue to transform the global financial system.
Shiba Inu and Dogecoin fell 70 percent and 79 percent, 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 day, along with Bitcoin and other major cryptocurrencies. On the other hand, Mike McGlone is an analyst who correctly guessed $9k, $10k and $12k in BTC.
After speculative enthusiasm dies, 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 cinema chain AMC this year. 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.
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