June 7, 2023

Market Analyst Says Shiba Inu And Dogecoin Unlikely To Rally In 2022, Only Elon Musk Tweets Can Pump The Cryptos – Tesla Motors (TSLA)

During an end-of-year interview, senior currency strategist at Forex analysis site DailyFX Christopher Vecchio said that he would be very surprised if Shiba Inu (CRYPTO: SHIB) or Dogecoin (CRYPTO: DOGE) have a good 2022.  

Adding that he believes that only Tesla Inc (NASDAQ:TSLA) CEO Elon Musk would be able to save these coins. 

“Ultimately, I do think there’s a little bit of a sentiment let down right now in cryptocurrency,” he said, noting that “I’d be very surprised if Dogecoin and Shiba Inu have a good year unless someone like Elon Musk is pumping them on Twitter.”

According to CoinDesk data, Dogecoin rose more than 3,300% since the start of 2021. 

Similarly, Shiba Inu was up more than 45,500,000% year-to-date.

According to Christopher, Bitcoin (CRYPTO: BTC) is going through “a crisis of faith” together with the broader cryptocurrency market after the top crypto failed to reach the $100,000 target in 2021. 

“In an environment defined by weaker major cryptocurrencies, it lacks the confidence for retail investors to try to jump into a new listing and try to strike it big very quickly,” Vecchio said. He predicts that altcoins and other meme coins are going to see deeper losses than the apex cryptocurrency this year.

Bitcoin ended 2021 at a price of $46,306.45, after ranging between $28,722.76 and $68,789.63 over the past year.

Related Link: Elon Musk Stirs Up Crypto Community Again As He Talks Down Bitcoin And Hypes Up Dogecoin In Interview

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