Mike McGlone, chief commodities strategist at Bloomberg Intelligence, said Shiba Inu (SHIB) is likely to remain volatile in the near future.

In Edition In the latest Bloomberg Crypto Outlook, McGlone describes the popular coin meme as a “Dogecoin wannabe” and “an example of outperformance among 13,000 cryptocurrencies”.

SHIB has drawn attention to itself with a sudden surge in the past few months. It currently ranks 11th by market cap at $ 0.00054 at the time of writing, a staggering 74,142.662% increase from last year. However, the SHIB is down 19.5% in 30 days and is down 40% from its all-time high of $ 0.0000879 two weeks ago.

Source: Tradingview

According to McGlone, Shiba Inu’s rise to a market cap of $ 40 billion carries the same risk as Dogecoin in the second quarter of this year, when DOGE slumped from $ 0.74 in May to a low of $ 0.16 in June.

McGlone predicts that “gravity will squeeze the dynamics of the Shiba Inu,” and the meme coin is facing a reversal that will match the profits it has made.

“When the Shiba Inu game begins, there will be many assets that are prone to risk taking.”

Source: Bloomberg Crypto Outlook

Turning to Ethereum, McGlone said the second largest crypto asset looks healthy and ready for more rallies.

“Increasing demand, dwindling supply and the central position of Ethereum in the digitization of finances and currencies are the basis for further price increases. The number two cryptocurrency is on its way to becoming the security of the internet, much like bitcoin evolving as a global digital reserve asset. “

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Annie

According to Dailyhodl

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