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 his forecast was correct, citing Shiba Inu dropping 54% since he marked its top-most peak.
“I tweeted the entry and exit to $SHIB. I let you guys know it was the entire $SHIB story and a lot of you got upset at me for saying that.
In hindsight now I hope you can see I was only trying to help.”
SHIB is exchanging hands at $0.00004897, a 43% decrease from its 30-day high of $0.00008612. Dogecoin is trading at $0.2345 at time of writing, a 29% decrease from its 30-day high of $0.3327.
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Featured Image: Shutterstock/Dmitriy Rybin/Vladyslav Severyn/CKA