DOGECOIN PUMP AND DUMP IS HURTING CRYPTO
Why Dogecoin pump and dump is hurting Crypto
Dogecoin is a meme coin that began as a satire, to level on the market are far too many shitcoins with completely no cause to exist and no performance in any respect.
The provision of Dogecoin is uncapped and 10000 new tokens are issued each minute.
Sure, you heard that proper, each fuckin minute. Dogecoin has annual inflation of 5 billion new tokens.
Dogecoin pump and dump is hurting crypto
Along with this, the availability is very centralized with ~100 wallets maintain 90% of your complete provide and 1 pockets alone controls 28% of the entire circulating provide.
This “asset” is up 26697% within the final 365 days, which is bat shit loopy and solely exhibits how a lot dumb cash is circulating inside this market.
Dogecoin pump and dump is hurting crypto
Elon Musk is liable for this, as he made it his interest to control the worth of Dogecoin along with his tweets.
Dogecoin pump and dump is hurting crypto
Due to his reckless habits the worth of DOGE skyrocketed to excessive highs. It’s as overvalued because it will get and it will crash down violently, leaving lots of people within the mud. Many individuals who have been dumb sufficient to observe this man will undergo financially, and it will shed a foul gentle to the entire crypto sphere.
However Elon does not care, he manipulated the Tesla inventory previously with lies and was sued by the SEC in return.
He determined to lie about Tesla shopping for again shares of the inventory at a lot increased costs then traded right now and this triggered a sudden rise in value which in flip liquidated plenty of brief sellers.
Tesla was probably the most shorted inventory at the moment and Elon did not like that.
Grasp how fucked up that habits is. And now individuals are celebrating him and act like he’s the “savior of crypto”.
That man will dump on retail with out the blink of an eye fixed, he does not give a fuck about common folks.
We have now cause to imagine that the largest Dogecoin pockets (the one which controls 28% of the whole provide) is owned by Elon Musk himself.
Though this can’t be confirmed, there are some indicators to assist this idea.
And if this pockets strikes a single coin the entire home of playing cards comes crumbling down.
After which folks will say “crypto is just too unstable..it’s a rip-off and so on.”
However Elon does not care, his firm Tesla already made extra money with their BTC commerce than promoting automobiles in 2020 and 2021.
So, there are two choices right here, he’s doing all of the shilling as a result of he “finds it humorous” or as a result of he has a monetary curiosity.
Dogecoin pump and dump is hurting crypto
No matter what of the 2 it’s, it will have penalties.
Not for him, however for normal individuals who have been uneducated sufficient to observe him to the slaughterhouse.
Do not buy Doge.
Boycott Elon Musk
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