Dogecoin and Shiba Inu crashes harder than other cryptocurrencies DailyCoin

It is not surprising for any crypto-investor that the digital asset market is declining in general, but it has been particularly difficult for the previous two top retailers, respectively. Last Tuesday, the cryptocurrency analytics company Arcane Research released its latest report examining the state of the industry, which includes the data.

This graph from Arcane Research shows that cryptographic authors – (BTC) and (ETH) – fell by -52% and -54%, respectively, from the highest of all time; Shiba Inu (SHIB) and Dogecoin (DOGE) meme coins, on the other hand, fell even further from the summit. SHIB fell by -77%, while DOGE fell by 82%.

Earlier this month, Mike McGlone, Bloomberg’s chief raw material strategist, announced the decline for these two meme projects in his latest research report – Crypto Outlook: Don’t Fight the Fed – examining the impact of pending government interest rate hikes yours. cryptocurrencies. While McGlone’s predictions are not good for thousands of unnamed cryptocurrencies, he predicted that DOGE and SHIB would be particularly tough.

“Crypto outperforms speculative excesses and may be an early indicator of a reversal of the broader market tide. Dogecoin and Shiba Inu meme coin peaks have merged with similar market highs, highlighting key cryptocurrencies,” McGlone said. in his report. . “SHIB in the second half of 2021 and DOGE in the first half of 2021 are examples of fun coins for world-class players without precedent, 24/7.” What he meant by those published comments was that he was the one who fired. the rise tends to fall as far and fast as possible, which is the case with Dogecoin and Shiba Inu, much earlier than the actual Federal Reserve rate hike this year. According to his report, interest rate hikes are often encouraged. investors from risky assets who are looking for higher returns on safer investment opportunities. McGlone expects Bitcoin and Ethereum to finally regain all-time highs, but has expressed concern that investors have already begun the exodus of dog-themed assets.

From their peak, DOGE and SHIB have been left out of the top 10 currencies in terms of market capitalization, and McGlone suggests that these speculative assets should fall further in the face of rising interest rates.

“The endless struggles against major cryptocurrencies, often driven by advertisements and speculation, make us realize that most of the things that are added quickly are frightening,” McGlon said.

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