A prominent market analyst is issuing a warning about popular dog-themed meme coins Shiba Inu (SHIB) and Dogecoin (DOGE).
Bloomberg intelligence analyst Mike McGlone says the recent drops in the prices of SHIB and DOGE are a signal that investors are rotating away from speculative cryptocurrencies, something he believes would be better if it happened sooner rather than later.
“Some cleansing of meme coins might pressure the stalwarts as a necessary part of the evolving, strengthening ecosystem.
We say the sooner the better for the speculation machine coins to experience some purging, so as to move on with the adoption process of crypto assets in investment portfolios.”
Pseudonymous crypto trader ZeroHedge, who predicted SHIB’s price drop in October, took to Twitter to point out that