DOGE Clones Like SHIB Attracting ‘Dumb Money’ is Why Bitcoin Goes Down: Analyst
Dogecoin and its clones suck funds out of bitcoin but smart money will reenter the market soon and reverse the trend, predicted CryptoQuant’s CEO.
Despite Bitcoin’s strong fundamentals, its price has been struggling for weeks. A popular crypto analyst argued that this might be because of the ongoing craze around meme coins, which are seeing massive inflows of fresh funds.
However, he believes the trend could be changing soon, and tokens with actual intrinsic value, like BTC, will resume their bull runs.
Where Are the Attention and Money Going in Now?
Although it started as a joke eight years ago, Dogecoin took center stage in 2021 and hasn’t vacated its spot yet. The craze that started with Elon Musk and was supported by names like Mark Cuban and Snoop Dogg attracted the masses, and it became arguably the most widely discussed topic in and outside the crypto community.
Somewhat expectedly, others wanted to take advantage of the ongoing mania, and numerous copycats emerged. Coins that seemingly have no value or product, despite advertising future services, garner people’s attention due to massive fluctuations and promises for multi-digit returns.
Yet, the formula is working as quite of few of them have skyrocketed lately. The most recent example is a token called Shiba Inu (SHIB) which is up tenfold in the past few days alone.
Apart from the mind-blowing returns, the following chart from CoinMarketCap confirms this.
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