Mike McGlone is a seasoned and experienced financial strategist at Bloomberg. He recently published an article addressing the rise and fall of meme coins. Shedding light on the matter, McGlone claimed that meme cryptocurrencies are running on the power provided by market speculation. It is worth noting that some avenues are possible for adding more use cases for these tokens.
However, their current rise to prominence has been based on nothing more than Fomo and quick profiteering interest. There are a considerable amount of investors who are vexed about the fact that the whale investors have managed to accumulate more than 85% of the total circulation supply. McGlone claimed in his report that the latest correction for Doge and SHIB tokens is a visible indicator that investors are losing interest in these meme tokens.
Mike McGlone is a senior strategy executive at Bloomberg. Commenting on the unstable state of meme coins like Doge and SHIB, he claimed that these tokens are headed for a sharp decline in the future. He further added that the recent massive correction in the meme coin graph also points towards the decreasing interest of the investors in these speculative tokens.
He also claimed that it is in the best interest of the stalwart traders that the meme coin bubble bursts as soon as possible. He claimed that the new development is going to help the ‘loyalist traders’ wake up to the detriments of investing in speculative cryptocurrencies and develop a better understanding of the risk associated with these tokens.
ZeroHedge is an online cryptocurrency market analyst who goes on Twitter under the aforementioned pseudonym. Taking note of the latest correction for the SHIB token, he pointed out that he has already predicted the massive correction. He claimed that the 58% correction for SHIB is a clear exit mark for seasoned investors.
He also claimed that he had marked the entry and exit points for the SHIB token with the help of technical indices. However, some investors got angry about his predictions. ZeroHedge added that he was only trying to help the people get a clear picture of the situation and assist them from facing losses. SHIB hit an ATH at $0.00008612 and currently trading at a 46% lower price point.