​Bloomberg analyst calls for getting rid of DOGE and SHIB

The material is not an investment recommendation and is published for information purposes only.

What’s new? Bloomberg’s senior commodity strategist Mike McGlone said that the crypto community should remove Dogecoin (DOGE) and Shiba Inu (SHIB) meme coins from the market. He called these assets “pure speculation machines,” adding that the number one among cryptocurrencies “that matter” is bitcoin. The expert shared his opinion on The Wolf Of All Streets podcast with Scott Melker.

Podcast on YouTube

DOGE was created in 2013 by Billy Marcus and Jackson Palmer. In September, DOGE became the second most capitalized cryptocurrency on the PoW algorithm. It ranks ninth in the overall cryptocurrency ranking with a capitalization of $11,96 billion.

SHIB is an ERC-20 standard token based on the Ethereum blockchain. Launched by an anonymous individual or group of developers under the pseudonym Ryoshi in August 2020 as an alternative to DOGE. As of Q3 2022, it ranked second most popular among investors. It is on the 15th line of the cryptocurrency ranking with a capitalization of $6,5 billion.

What is the expert’s prediction? According to McGloan, the tightening of monetary policy by the US Federal Reserve System (Fed) and the approaching recession in the economy creates the need to purge the market of “harmful” assets. The expert drew parallels with past financial crises and urged the crypto community to quickly get rid of excess liquidity and risky assets by selling them to pave the way for a more reliable crypto landscape.

Large DOGE holder gets rid of 1,5 billion tokens following coin’s sharp rise in price

The withdrawal of assets from the wallet was made in three transactions between March 30 and April 4

Read further

ссылкой-врезкой

McGlone also stressed that a significant correction in the stock market would cause problems for bitcoin and lead to chaos in the speculative DOGE and SHIB markets. Clearing these assets would lead to a more legitimate and stable market.

In March, McGlone said bitcoin could begin to go into a “supercycle,” adding that the asset is nearly 10 times ahead of gold. In another interview, he called BTC an alternative to traditional finance amid the US banking crisis.

Earlier, Morgan Creek Capital CIO Mark Yusko also said that DOGE and SHIB have no value. In his opinion, the bear market will end when the quotations of these coins drop to zero.