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Mike McGlone Likens DOGE And ‘Unlimited Supply Cryptos’ to ‘Dot-Com Bubble’
U.Today has learned that Mike McGlone, a prominent crypto analyst and Commodity Futures Trading Commission (CFTC) registered advisor, has shared his thoughts on the recent market trends. In his latest statement, McGlone compared Dogecoin (DOGE) and other cryptocurrencies with unlimited supply to the infamous Dot-Com Bubble.
McGlone believes that the current trend of DOGE and similar assets is eerily reminiscent of the events that unfolded in the early 2000s when the dot-com bubble burst. He highlights the similarities between the two, citing the rapid price increases and subsequent corrections experienced by both the aforementioned assets and the dot-com companies during their heyday.
“We are seeing a repeat of history here,” McGlone emphasized. “The prices of DOGE and other unlimited supply cryptos have increased exponentially in recent times, with little regard for fundamental value or market fundamentals. This unsustainable growth is reminiscent of the rapid price appreciation experienced by dot-com stocks in the early 2000s.”
The analyst also stressed that he does not believe that this trend will continue indefinitely. He warned investors to be cautious and avoid getting caught off guard when the inevitable correction occurs.
“It’s essential for investors to understand that the current market conditions are unsustainable, and a significant correction is likely forthcoming,” McGlone emphasized. “We have seen this pattern before, and it’s crucial to learn from history to avoid being trapped in such market traps.”
U.Today has reported on McGlone’s previous statements, highlighting his unique perspective as a registered CFTC advisor. His insights are highly regarded within the cryptocurrency community for their accuracy and transparency.
As of now, Bitcoin, an asset that has been steadily increasing in value, has regained its footing above the $101,000 price level following overnight gains.
Source: u.today
