Main navigation

SHIB Has Brilliance in Design, But Bitcoin Is Likely to Prevail, Mike McGlone Explains Why

Fri, 29/10/2021 - 14:08
SHIB Has Brilliance in Design, But Bitcoin Is Likely to Prevail, Mike McGlone Explains Why
Cover image via

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.

Read U.TODAY on
Google News

Leading commodity strategist of Bloomberg, Michael McGlone, has tweeted about "Dogecoin killer" SHIB and the likely outcome for Bitcoin in the current craze that has formed around Shiba Inu token.

Here's why McGlone is making a bet on Bitcoin after all.

Risk-off sentiment likely to solidify Bitcoin's status"

The chief commodity expert of Bloomberg tweeted that Shiba Inu, referring to it as a "Dogecoin copycat," has "some brilliance in design and marketing for NGU" tech.

However, he is inclined to think that since SHIB is a speculative meme coin, risk-off investor sentiment is likely to prevail in the cryptocurrency market and make the status of the leading crypto stronger than it is now.

The expert has also shared a chart, on which the curve of SHIB's price more or less coincides with the trajectory of Ethereum's rise, and he called Ethereum the "Shiba Inu facilitator."

Elon Musk Believes That Crypto Can Take a Toll on Your Mental Health

"People seek memes, not 'blue chips' at the moment"

Another crypto community influencer, founder of PAC Protocol and former U.S. politician David Gokhshtein, has written on his Twitter page that should Robinhood finally add support for SHIB, that would make both it and Dogecoin skyrocket.

The reason for this, according to the influencer, is that at the moment, regular retail investors are looking for meme cryptos to invest in and not "blue chips."

However, as reported by Reuters, Robinhood is not hurrying to list Shiba Inu or any other altcoins, since it is waiting for more regulatory clearance regarding every coin it may have in the queue for listing.

At press time, SHIB is sitting at $0.00007009 per token, according to data provided by CoinMarketCap.


Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles