"Crypto is on top of speculative excesses, and it might be an early sign that the larger market tide is about to turn." According to McGlone's analysis, "peaks in meme currencies Dogecoin and Shiba Inu have corresponded with identical market highs, underlining the leading signs from crypto." "In the second half of 2021, SHIB and DOGE are instances of currencies that are speculative buzz and enjoyment for gamers on an unprecedented worldwide scale, 24 hours a day, seven days a week."
What he meant by those public statements was that what rises quickly tends to fall just as quickly, as has been the case with Dogecoin and Shiba Inu — The Federal Reserve is expected to raise interest rates later this year, substantially ahead of schedule. His report's thesis was that when interest rates rise, investors would flee riskier assets in search of better rewards in safer investments. McGlone believes Bitcoin and Ethereum will ultimately reclaim all-time highs especially when people are buying Bitcoin relentlessly, but he is concerned that investors are already fleeing the dog-themed meme commodities.
DOGE and SHIB have fallen out of the top 10 coins by market value since their peaks, and McGlone believes such speculative assets in cryptocurrency trading will continue to collapse in the face of rising interest rates.