Is Elon Musk losing interest in Dogecoin? Dogecoin sees a massive 20% decline in its price

[BrolySSJ 7899]

One o the major coins that has been in the spotlight recently is the dogecoin and the way that is has increased in its price. Not too long ago we were seeing the price of dogecoin at roughly 0.002 USD and the price has since increased to all-time highs of even 0.08 USD on the yobit exchange platform. The main reason for this was by one man, and that was the interest that was shown in this coin by Elon Musk, who has constantly tweeted about the Dogecoin. 

 

However, a recent tweet from Elon Musk could actually be the cause of the decline in the price of dogecoin, in which he stated that if there are not as many whales in the dogecoin market, then the coin will receive the full support of Elon Musk. 

 

At the moment there are many whales in dogecoin and there a few people that own the bulk of the dogecoin market, making it highly manipulative. Therefore, if these whales decided to sell of their coins, the market could crash, and there would be a major decline in the price. The coin could even reach a point where it could not recover. Therefore, Elon has tweeted this and says that these whales are the real issue. 

 

This shows the lack of interest in Elon Musk in this coin now, due to the whales, and therefore the price has dropped by 20% over the last 24 hours alone. A rare sight, amidst the recent increased in Dogecoin prices. 

 

What do you think should be the action taken moving forward on dogecoin? Since it is an unlimited supply this can be hard to make it a main stream currency but do you think that the currency should be distributed? What action do you think whales should take to ensure the future of this currency? 

[Dorjoy12 8962]

On 2/15/2021 at 12:28 PM, BrolySSJ said:

What action do you think whales should take to ensure the future of this currency? 

Do not know actually what whales going to do to keep the doge coin price  into a good range because of the huge supply of doge coin in crypto currency market .. Also whales can control the price  of doge coin only if not they sell their token like taiwan sold their btc mining reward .. By the way, doge has a good future..

[Whited35 15285]

On 2/15/2021 at 12:13 PM, BrolySSJ said:

What do you think should be the action taken moving forward on dogecoin? Since it is an unlimited supply this can be hard to make it a main stream currency but do you think that the currency should be distributed? What action do you think whales should take to ensure the future of this currency? 

More whales are playing in the market of Dogecoin that's why we have been noticing massive pumps and dumps in its price. Myself, I used to love this asset but later, it failed to grab my interest to include into my portfolio. As far as the future of Dogecoin concerns, the bigger whales should stop playing the dirty games to manipulate its markets. 

[Obliv0n 333]

From my point of view, elon musk only promoted the currency for the ease of obtaining it, that is, anyone with little capital could buy it and obtain a profit, now the capital is being directed to those currencies that can be more profitable in the long term as it can. be BTC or ETH.

[selfmade 7]

Thing is he was not that interest at first even, he did not even plan for the dogecoin to rise that much nor did he expect it, it was just a market panic as always.

[Froshk 1828]

The businessman is actually doing his business and I think it's working for him and the Doge coin also and now that the prices of dodge coin has declined I think we need him to make another pronouncements about this coin.

[pacific 2268]

On 2/22/2021 at 5:28 PM, Whited35 said:

More whales are playing in the market of Dogecoin that's why we have been noticing massive pumps and dumps in its price. Myself, I used to love this asset but later, it failed to grab my interest to include into my portfolio. As far as the future of Dogecoin concerns, the bigger whales should stop playing the dirty games to manipulate its markets. 

Well, the whales are becoming hurdles for the small investors and yet manipulating the entire price. I heard that Elon Musk; founder of spaceX got interested in Dogecoins and found sharing memes related to it, and it has influenced the crypto market to appear into bull market, though I am not saying in particular Elon Musk is a whale to manipulate, but still the news got spread in favor that he is manipulating the price as he wishes to.

[Whited35 15285]

1 hour ago, pacific said:

it has influenced the crypto market to appear into bull market, though I am not saying in particular Elon Musk is a whale to manipulate, but still the news got spread in favor that he is manipulating the price as he wishes to.

Elon Musk is repeatedly making the tweets by supporting Dogecoin and you know, single tweet from a bigger figure like Elon has power to shift direction of cryptocurrency markets. Dogecoin experienced the same track after the sequential tweets from Elon Musk. In my opinion, his same and repeated technique to inspire investors to invest in Dogecoin will no longer work as sequential pumping and dumping of Dogecoin is not seen good. 

[kryptonick 2659]

I have grown tired of all these Doge tweets by Elon Musk. It doesn't help at all the cryptocurrency field which needs promotion of actual projects that are working to achieve something for the common good, and not Doge which always was a meme and this will not change because Elon Musk thinks it is funny to keep tweeting about it.

On the other hand we see that McAfee is charged with manipulation for the exact same reasons. This doesn't concern Musk at all? He thinks the laws doesn't apply to him since he is clearly manipulating the price of Doge as his tweets coincide with an instant parabolic rise.