Elon Musk + DOGE: Is manipulation acceptable?

[MrSpasybo]

Elon Musk, who’s been a vocal supporter of Dogecoin, said there’s too much concentration of the coins among its major holders and he will support them if they sell their coins.

“If major Dogecoin holders sell most of their coins, it will get my full support,” the Tesla Inc. co-founder and chief executive tweeted Sunday evening. “Too much concentration is the only real issue.”

Article: Elon Musk Says He’ll Support Sales by Top Dogecoin Holders

We all know that Elon Musk is a strong advocate of DOGE, or at least he wants us to think so. I have no opinion on his "positive" tweets that cause DOGE's price to fluctuate, even though many people get money, and many people lose money, because I don't invest in DOGE, I only have about 0.0001 DOGE on the Yobit exchange
At the same time we also know that the decentralization of assets of DOGE is really problematic, as the 20 largest DOGE wallets currently own 50% of the total DOGE.
However I don't think Elon Musk should directly ask the big whales to sell DOGE in order to increase asset decentralization.
I don't think this action is wrong, but it is a public manipulation of the DOGE community, as Elon Musk makes sure to support those whales. It seems that Elon Musk wants to control the entire DOGE economy with his position as the richest person in the world.
What's scarier is that the community is excited and supporting Elon Musk. It seems that they still consider Elon Musk's statements as entertaining as DOGE's nature, they do not think of the fate of the owner of the 6.5B fortune as DOGE capitalization.

Pausing the story of DOGE coin, I want to know if manipulation has been accepted and made public in the crypto world, as long as the manipulation is seen as beneficial to a certain group of people. We all know whales are manipulating the market for years but in a way that is as covert and not overt as Elon Musk.

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?

[Sentinel]

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.

[gurunanakji777]

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.

[Freemind]

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.

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.

[sergeybobrov]

Elon Musk tweets about dogecoin too often, soon everyone will stop taking it seriously. The very first tweets pumped the coin very well, but after the last there was almost no movement. I don't really like such price manipulation.

[wxxyrqa]

I think that everyone has already read the news that Elon Musk bought a huge amount of Doge coins for his youngest son, and therefore it is quite understandable why he seeks to direct his words and actions in a direction that will not only bring profit to his family, but also strengthen his asset.

[Galley]

Are manipulations with DOGE permissible, and why not. Manipulation is permissible with anything if it brings profit to those who are interested in it. Cryptocurrency manipulations, in principle, do not differ from the same manipulations on ordinary exchanges. Stock speculators have long traded in such things, and some, thus, amassed billions of dollars in fortunes. Having the right information, connections, and rumors at the right time do the trick. You just need to be able to use it.

[shadowdio]

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.

[Gyrgen]

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.

[Bitstar_coin]

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.

[Ferki]

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.

Fraudulent manipulation is not allowed in case you ask me.
And that can be prosecuted.

[MrSpasybo]

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.

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.

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.
However, I, like a few other members, are thinking that all of Elon Musk's work is for profit. Initially Elon pumped DOGE price, then closed a profit at ATH 8.4 cents, then sought to reduce DOGE price to buy more by asking DOGE whales to sell off tokens

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 think manipulation still exists, but as long as we don't accept it, we will continually find ways to limit it instead of being heavily influenced by it.

[alltalk]

Even though we don't accept it, but manipulation is always there. For me, it is something hard to be avoided. However, regarding Elon Musk and Dogecoin's massive increase, we cannot judge it as manipulation. Elon Musk isn't a team member of Dogecoin, he isn't an ambassador of Dogecoin, also not a Dogecoin whale. If he supports Dogecoin through his tweets, it may be purely his appreciation for Dogecoin. So, what's wrong here?

[bigcash2011]

I would have praised Elon if he posted about crypto in general or atleast about the top coins like btc or eth because they represent the majority of the market. Elon needs to learn from microstrategy and their owner who constantly posts about btc and top coins and also educating people about it to stimulate the growth and adoption of crypto.

[KryptoBull]

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.
As carbon credits cease to be Tesla's primary source of revenue, returns from Bitcoin & DOGE investments could be the company's primary source of revenue.