Dogecoin’s price was around 23 cents, down from the all-time high around 74 cents in May, while shiba inu coin is currently fetching around $0.00004845, down 45% from the all-time high of $0.00008854 on Oct. 28
Send the dog tokens to the doghouse. That’s the message from some cryptocurrency analysts who say the stunning rise this year of dog-themed tokens like dogecoin (DOGE) and shiba inu (SHIB) and shiba inu represents little more than speculative froth that might hinder the fast-growing digital-asset industry’s credibility.
These “dog tokens” or “meme tokens” were created as a joke but have attracted a wide following of speculators and fans. And as a result they’re still not taken as seriously as other cryptocurrencies that are seeing as bellwethers of the fast-moving blockchain technological movement.
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, Bloomberg Intelligence commodity strategist Mike McGlone wrote in a note on Wednesday.
The latest calls come as both dogecoin and shiba inu were trading well below all-time highs reached this year.
At one time, dogecoin’s price was around 23 cents, down from the all-time high around 74 cents in May.
Based on data from TradingView, the shiba inu coin is currently fetching around $0.00004845, down 45% from the all-time high of $0.00008854 on Oct. 28.
In October shiba inu soared 70% in a single 24-hour span to a reported market capitalization of more than $39 billion. The price rise came as a petition circulated on the website Change.org seeking to get shiba inu listed on the retail trading platform Robinhood.
Professional cryptocurrency analysts remain sceptical of shiba inu.
McGlone, who in 2020 correctly predicted bitcoin’s ascent to over $50,000, wrote Wednesday that the shiba inu token’s price might face a reversion worthy of its parabolic rise.
The Bloomberg analyst wrote that shiba inu tokens may be fun for speculators, having achieved a market capitalization of nearly $40 billion and a No. 9 October ranking on CoinMarketCap. But the dogecoin wannabe looks like an example of excesses among 13,000 cryptos.
He went on to say that the shiba inu coin presents a unique blend of exploitation, good marketing, ESG, supply versus demand economics and gambling on an unprecedented 24/7 global scale, and faces reversion worthy of its parabolic rise.
He said: The fact that the memecoin has reached our radar places shiba inu at similar risk as dogecoin in May, just before its collapse, adds McGlone.