Mike McGlone: ​​"We need to get rid of DOGE and SHIB as soon as possible"

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Mike McGlone, senior strategist at Bloomberg Intelligence, expressed concern about the risks of investing in meme cryptocurrencies DOGE and SHIB.

McGlone said that during the brewing "economic storm", bitcoin will continue toHowever, as for the canine cryptocurrencies Dogecoin and Shiba Inu, their prospects are less rosy, the analyst suggested.

He called DOGE and SHIB purely speculativeassets that should be removed from the market. And in the context of tightening policy by the US Federal Reserve (Fed) and an impending recession, McGlone even called on investors to quickly get rid of these crypto assets.

The economist compared them to the financial crisis1929 and the dot-com bubble in 2000. McGlone explained that a strong stock market correction 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, create conditions for more stable market operation, McGlone concluded.

"If I see a hurricane, I must warnabout it. We need to get rid of excess liquidity and high-risk speculative assets. Dogecoin and Shiba Inu are nothing but real speculation machines. There are hundreds of cryptocurrencies, and only Bitcoin will always remain in first place,” McGlone said.

Earlier, a Bloomberg strategist said he believes inthe future of the two top cryptocurrencies - Bitcoin and Ethereum - which were able to stay afloat even during a serious decline in the cryptocurrency market last year.