For several months, the crypto market has experienced one of its largest periods of expansion in history. With cryptocurrencies like Bitcoin, Ethereum and Binance Coin multiplying their price dramatically. And institutional investors from all over the planet investing millions of dollars in the crypto world. However, not everything is positive, because as he comments in the Tweet of the day, Scott Melker is concerned about Shiba Inu and Dogecoin:
Shiba Inu and Dogecoin: A Threat to Scott Melker
Optimism seems ubiquitous in the crypto market. And it is that, wherever you look, most users of the crypto community seem to be confident that the increase in the price of cryptocurrencies is not close to ending. With many analysts and crypto influencers predicting how far the price of virtual currencies like Bitcoin will go.
However, there is a fine line between healthy optimism within the crypto community, and a speculative wave that may threaten the stability of the cryptocurrency market. The best example of how speculation can permeate the crypto market is the increase in the price of Shiba Inu and Dogecoin in recent months.
And it is that, despite not having important Blockchain projects that support the increase in its price. Dogecoin and Shiba Inu, two virtual joke currencies, have seen exponential increases in their price, attracting the attention of thousands of people around the world. A worrying sign for Scott Melker, who believes that it could end up leading to a market crash:
«There are many high-level signals in cryptocurrencies right now. I’m not particularly concerned, but I’m definitely paying attention».
In this way, although he does not seem to think that the top of this bullish rally has been reached. Scott Melker shows his concern about the speculative wave that seems to be driving the direction of the crypto market right now. And that could end up affecting the development of other Blockchain projects with more solid foundations than Dogecoin and Shiba Inu.