Financial analyst Gary Shilling has just told BNN Bloomberg that the Dogecoin mania is going to end badly.
The co-founder of A. Gary Shilling & Co. believes that the meme coin's rally is currently being propped up by excess liquidity:
I don't know what's going to happen to touch off their demise, but it's going to end badly.
Alex DovbnyaWhile Shilling was also short Bitcoin, he admits that one can argue that there was "something behind it." When it comes to its satirical version, the economist is convinced that it's "absolutely nothing."
Unlike Bitcoin, Dogecoin has unlimited supply and very few active developers.
Last week, Dogecoin hit a new all-time high of $0.45 after soaring over 750 percent in April. It has since pared some of its gains, currently trading at $0.30 on Binance.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov