McGlone said that during the brewing “economic storm”, bitcoin will continue to overshadow other digital assets. However, for the dog cryptocurrencies Dogecoin and Shiba Inu, their prospects are less bright, the analyst suggested.
He called DOGE and SHIB purely speculative assets that should be removed from the market. And in the face of tightening the policy of the US Federal Reserve System (Fed) and the impending recession, McGlone urged investors to get rid of these crypto assets as soon as possible.
The Economist compared them to the financial crisis of 1929 and the dot-com bubble in 2000. McGlone explained that a strong correction in the stock market will put a lot of pressure even on Bitcoin, and DOGE and SHIB will not be able to withstand these difficult conditions. Therefore, the elimination of these two cryptocurrencies will benefit the crypto industry, namely, it will create conditions for a more stable operation of the market, McGlone concluded.
“If I see a hurricane, I must warn about it. It is necessary to get rid of excess liquidity and speculative assets with a high level of risk. Dogecoin and Shiba Inu are nothing but real speculation machines. There are hundreds of cryptocurrencies, and only bitcoin will always remain in the first place,” McGlone said.
Earlier, a Bloomberg strategist said that he believes in the future of the two top cryptocurrencies – bitcoin and ether – that were able to stay afloat even during a serious fall in the cryptocurrency market last year.
Source: Bits
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