Mike McGlone, senior commodity strategist for Bloomberg Intelligence, claims that the market has to be cleansed of canine coins so that Bitcoin, Ethereum as well as dollar-pegged stablecoins could continue transforming the world’s financial system.
McGlone has a highly negative view of Dogecoin and Shiba Inu, stating that these cryptocurrency were prime examples of market froth:
The dog coins were good examples of the speculative excesses in the space and the sooner the market is cleansed of this silliness, the more likely the three Musketeers -- Bitcoin, Ether and the proliferation of crypto dollars -- will resume transmogrifying the global financial system.
Shiba Inu and Dogecoin are down 70.87% and 79.21% from their record highs, respectively, after posting enormous returns in 2021 and captivating the investment community. Both of them recorded double-digit losses over the last day together with Bitcoin and other major cryptocurrencies.
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