Cryptocurrency market is expected to be cleaned up in 2022 - popular tokens may disappear forever

Mike McGlone, Bloomberg Commodities Strategist, in Bloomberg Intelligence: Crypto Outlook, said the cryptocurrency market is poised for a big purge in 2022.

According to the analyst, this year the market may get rid of speculative coins Shiba Inu and Dogecoin. McGlone believes that the speculative rise of meme tokens is a sign of the market's readiness for a big purge.

In 2022, conservative investors will start to gradually get rid of risky assets. Moreover, this process was launched last year, when Dogecoin and Shiba Inu dropped out of the top 10 digital coins in terms of market capitalization.

A source: Bloomberg Intelligence: Crypto Outlook