Dogecoin Faces 1929-Style Reckoning, Bloomberg’s McGlone Warns

🚨 DOGECOIN DOOMSDAY: 1929-Style Crash Looming? 🚨

Mike McGlone, the chief commodity strategist at Bloomberg Intelligence, has been sounding the alarm on Dogecoin and the broader crypto community. He’s been making comparisons to those infamous years 1929 and 1999 – you know, the ones where the stock market crashed and the dot-com bubble popped. Because, of course, we all know that history repeats itself, right? 🙄

Dogecoin: The Canary in the Coal Mine of Speculative Silliness

McGlone’s been pointing out that Dogecoin is particularly vulnerable to a market reversion, and he’s not just whistling Dixie. He’s been tracking the Bitcoin-to-gold ratio, and it looks like Dogecoin’s market cap has been mirroring it tick-for-tick. Which, if you ask me, is just a fancy way of saying “oh dear, we’re all doomed.” 😱

Here’s the chart that’s got everyone in a tizzy:

Now, McGlone’s not just talking about Dogecoin. He’s also got his eye on gold, which he thinks could reach $4,000 an ounce if the bond market gets a little too comfy and the risk-on sectors start to tank. Because, you know, gold is like the ultimate safe haven – unless you’re a dragon, in which case it’s just a shiny rock. 🐉

He’s also been talking about the S&P 500’s market cap-to-GDP ratio, which is still historically high despite all the recent volatility. Which, if you ask me, is just a fancy way of saying “we’re all going to be rich… until we’re not.” 💸

And if you thought it was just about Dogecoin, think again. McGlone’s also been looking at Ethereum, which he thinks might be a leading indicator of whether the overall trend has turned bearish for digital assets. Because, you know, Ethereum’s like the cool kid in school – unless it’s not, in which case it’s just a bunch of code. 🤖

At press time, DOGE was trading at $0.16663. Which, if you ask me, is just a fancy way of saying “good luck with that.” 🤑

2025-03-22 10:23

Dogecoin: The Canary in the Coal Mine of Speculative Silliness

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