Bloomberg analyst Mike McGlone speculated on Dogecoin using stock market terms. He says there’s a good chance doge will fall.
Mike McGlone, Chief Commodity Analyst at Bloomberg, posted several tweets about Dogecoin (DOGE).
McGlone stated that he believes the sixth-largest cryptocurrency and Bitcoin (BTC) will be responsible for a large amount of foam in the crypto market this year.
“There is a wide market foam potential allocated by meme cryptocurrency (DOGE) and Bitcoin”
Mike McGlone tweeted that Dogecoin may have “rang the macroeconomic bell” and revived Bitcoin. Bloomberg’s leading expert expects a large amount of market froth in the cryptocurrency space as funds start flowing into DOGE and Bitcoin. McGlone, however, refers to BTC as “basically a solid bull.”
Market foam defines a market condition in which the price of an asset begins to rise beyond its intrinsic value. Investors then start ignoring the fundamentals and objectively raise the price of the asset much higher than its value.
“The risk of dogecoin falling seems higher.”
The Bloomberg commodities expert also believes that between the two cryptocurrencies mentioned above, DOGE is at high risk of “turning into a nickel.”
The price of Dogecoin (DOGE) has been in a rather unstable state recently, with the famous billionaire (Tesla and SpaceX CEO Elon Musk) calling his favorite crypto “the people’s cryptocurrency” and once-promising to bring “a real DOGE to the moon.”
However, on the day of Musk’s release on SNL, the cryptocurrency price was $0.71, while after the show DOGE dropped about 30 percent instead of rising further than fans had expected.
Doge was trading at $0.41, according to CoinMarketCap data at the time of our news.