At present, there is just so much talk about Dogecoin, which is a cryptocurrency that started out as a meme/joke but soon became successful in finding some traction among the investors and interested parties. It is now among the top-rated cryptocurrencies of the crypto market and has been doing extremely well for itself. One of the initial influencers for this cryptocurrency would have to be Elon Musk, such as how neatly he continued to support this cryptocurrency, sending out memes in its support that finally it kind of stuck with the investors and interested parties that Dogecoin might end up being a great thing which it did.
Dogecoin will Plummet
As of the latest developments, the market cap of Dogecoin, which is nothing but a meme cryptocurrency, is more than the Ford motors, which is pretty great, but despite all that, one of the most famous financial analysts, Gary Shilling, is saying otherwise. According to the analyst, Dogecoin is nothing but absurd, and the current price performance that is evident from it is due to the excess of liquidity that has been going on. When asked to share more on this topic, Gary Shilling did add that he is not entirely sure how all of it is going to pan out, but it will not end pretty for Dogecoin.
He had the same views when asked about Bitcoin and then had nothing to justify these claims; he dismissed the argument by saying that it is nothing, the speculations might not be able to justify the current position of Bitcoin in the crypto market and such, but for the Dogecoin it is surely a big if condition right now. Bitcoin doesn’t have an unlimited supply which means that its trading is legit and going by the same practices that are already in the works in other markets such as forex and stocks market, but for the Dogecoin it seems to have an unlimited supply and very few active developers which is clearly something that registers as a concern. While some thoughts or ideas presented by Gary about Dogecoin are of significance still only time will tell.