In crypto world I guess manipulation is acceptable. If they can manipulate then there is nothing we can do to stop them so let's just join their game and be wise, just exit if you gain profit because those guys can dump it all.I agree that we have no choice but to integrate into this model, but I think he will not be able to become the sole holder of most of the coins, and his words will eventually have less and less meaning and will not affect the price.
Am kinda shocked at your last paragraph, is manipulation accepted and done in public! Judging by your rank I know you are not new to crypto nor the fact that crypto space is heavily manipulated, this like part of the crypto space and nothing can be done because this is a decentralized space where anything and everything goes.
Manipulation has always existed in society. Government manipulation, economic manipulation, sanitary manipulation... It could go on like this for days. And we, as individual people, cannot do anything about it. If we mean that someone (Elon Musk) has said something on social media about Doge and immediately the price has skyrocketed, I don't see any problem. Because I believe, and it is my personal opinion, that he has said it as an individual person, although he is the richest person in the world, I believe that he also has the right to express himself.If Elon Musk was simply a DOGE fan and used DOGE to advertise the crypto market, I would continue to be his fan because it is really smart, since no one can hate DOGE coin.
And when it comes to controlling the entire supply of Doge, I don't think Elon will ever be successful. Maybe some whales will sell their coins to Elon, but not all whales will, too we must remember Doge's supply, which is infinite.
Am kinda shocked at your last paragraph, is manipulation accepted and done in public! Judging by your rank I know you are not new to crypto nor the fact that crypto space is heavily manipulated, this like part of the crypto space and nothing can be done because this is a decentralized space where anything and everything goes.I know that manipulation has always existed in the crypto world, but through the FOMO & FUD, no one ever publicly and directly affects the price, the decentralization of a coin / token like Elon Musk. That is why I wonder: is the manipulation accepted and comes into the light.
I feel there is nothing wrong with its statement. As you said 20 largest Doge wallets hold 50% of the total coins If we consider this his statement will be beneficial for Doge holders in the long-term but for the short term, Doge can drop but in the long-term, it can rise more from its current ATH and loss and profit is the part of the market. As far as I understand from his statement he will likely to buy more Doge in the future.Recently there was news about a multi-billion dollar DOGE wallet related to Elon Musk, I really believe it belongs to Elon or a relative of him, or belongs to Tesla. For the latest statement about asking DOGE whales to sell DOGE, I think Elon wants to buy DOGE as low as possible to make more profits in the future.
@Hope4life it wasn't kidding, Elon knew exactly what he was doing. I take it as a personal opinion or comment from Elon, but he knows what he is doing and he also knows that people will follow his actions waiting for a big pump. I have read comments on various sites where it is said that he does it because he wants to buy and control the entire Doge supply, I do not know if it is true or not, but if it is true Elon will already realize that there are many whales that they will not want to sell.Elon Musk understands the value of his tweets, and he does so on purpose. Choosing DOGE to advertise for crypto is a very smart choice because if he chooses BTC, many people will ask why he did not choose ETH, if he chose ETH, others will ask why it is not LTC. DOGE is a meme token, every statement he makes is a "joke".
Doge is so much risky because of its high volume and even Elon Musk promoted doge causing the coin to pump is still couldn't stop how high the risk to get into because the price had pump only because of the famous person and not by its purpose.
In my opinion, if someday crypto will be able to be manipulated by a large company as the holder of the most assets, then crypto will not be as fun as it is now. I'm sure crypto will lose a lot of members.
One thing of note here, if some us may understand is that bitcoin is move by either positive or negative news or speculations. There are peoples who are love to published or spread various kind of news to either bring the price up or down for one reason or another. In fact, many times bitcoin price are move through news and speculations, and that is big holders says,but fortunately none of these news has been able to crash bitcoin till date.In the cryptocurrency market, almost all cryptocurrencies are subject to significant price changes due to news in the information space, as well as statements by various popular people or politicians. This applies not only to Bitcoin, but also to Doge coin. But the only difference is that Bitcoin affects all cryptocurrencies, while Doge Coin does not.
What do you think about this, do you support the actions of Elon Musk? If in the future more people are directly manipulating the market of certain tokens, will you support them and what is your purpose in doing so?Elon Musk's manipulation really feels like the DOGE coin because this DOGE becomes a Pump and Dump coin in just 3 days.
What Elon tries to make people believe is that his tweets do not affect Doge, but he has achieved the opposite by showing "too much" interest in the whales that they are not willing to sell. Whether the SEC is coming to investigate or not, I don't think it worries you too much, at least at this point. If he does the same thing again, he could have more serious problems than a simple fine.Perhaps Elon Musk did not pursue the goal, the result of which we received after his tweet on the social network. Cryptocurrency users have always reacted to the opinions of authoritative celebrities regarding cryptocurrencies.
@hair people believe Elon Musk's words because they want to be like him (very rich) and they believe that doing what he says on Twitter they will be rich. I can not understand that there are people who can be so simple and not realize that what Elon Musk did with Doge was nothing more than an act of market manipulation. But his plan didn't work.I did not think that there were still many people who believed his words. Besides Doge, Marscoin also experienced a high price increase due to the words of Elon Musk
Elon Musk shared a post representing that he is protecting Dogecoin by sharing the image below, also known as MEME, against the decrease in DOGE value.In my opinion, DOGE, who managed to get into the top 10 for the first time, lost the pump effect of Elon Musk over time.Very funny ;D. Doge is not as liked by many people as before. looks like elon musk's current words will not make the price of doge increase(https://i.ibb.co/yNyK40w/Ads-z.png) (https://ibb.co/VLSbwV7)