Bitcoin Forum

Animal coins are extremely popular lately even many outsiders came to buy it. But most of them crashed. BTC crashed for nearly 15% today. With this craze, I sense that bull market has come to its last phase. There are still chance to earn money but I would suggest you to be more cautious. Go and seek for long-term solid project and hodl. There are a few solid projects I have followed:


1. Shield Protocol：http://shieldex.io/#/home (The First Decentralized Risk-free Perpetual Contract)  Excellent idea  (risk-free) and solid technology
2. Parami Protocol: https://parami.io/  (AD3.0 for Web3.0!)   Famous founder and good team background

I assume these two projects will start IDO soon. Do you think they are solid enough to hodl?

I think it is easy and convenient to blame the BTC price dump on Elon musk but i see no reason why anyone should be investing their hard earned money into these animal meme coins that are flooding the markets. They offer no utility and are created solely for the purpose of becoming the next dogecoin.
I will rather invest in BTC that wouldn't give me  huge gains than a meme coin that can dump tomorrow and loose all the profits it has gained

What the hell is an "Animal' coin. Are you talking about Doge and SHIB? Lol.

Anyway, the bull run isn't over. It is just that the market is overreacting to Teslas and Elon Musks decision. Give it a few weeks and then you will see everything is back to normal like it used to be. And are you just shilling for those projects? Sounds very suspicious when you keep on using the word "risk-free".

Where pessimist see a fall, optimist see a dip, an opportunity to even buy more. The elon musk saga is just temporary speed bump to the 70k milestone. As a matter of fact, thank you Mr Elon for this opportunity!

 Buy the dip, buy the dip.

This is not a financial advice.

Absolutely agree with your thoughts, we can not blame Elon Musk for the dropping price of bitcoin. Because in crypto market there are so many variables which can be a trigger to price drop.
I think Elon Musk one of the reason but we can use this cheap price of bitcoin to invest more on it and gain profit in the future.

I doubt anyone has ever bought a Tesla with BTC coins, especially when the bull market continues. These bitcoin payment acceptance statements were not ads for BTC, but ads for Tesla. Therefore, the rejection of BTC when paying for a car could not cause a dump, which was caused by the fact that 10k BTC was sold on the market at the same time.

Elon Musk is a speculator and does not understand the value of BTC. It is a mistake to advocate Dogecoin. The market will eventually return to the holding and investment of value coins. Web3 and option trading are very good investment targets. You can try it.

looking forward its IDO


official announced yet ？

As long as the bull market lasts, you can participate in quality projects.

I found that both of these projects had a lot of head capital backing and were worth paying attention to.

Yeah, buy the dip but I won't be buying those coins or protocols that I don't understand wholly. There's still enough time for me to check it first but while checking the price of bitcoin.
It's better to buy it than any other altcoins that I can look at. But that doesn't mean that the returns will always be in bitcoin. There are a lot of investors who have made with other altcoins too, maybe it's a gem or not.

I already seen this will happen. Elon Musk can really control btc despite of its huge investors and whales holders. With Elon's power and influence, he can manipulate some part of crypto market and the way it is working.

Don't buy the dips yet because the Elon-ic drama is not over till now, he claimed that Tesla didn't sell btc which is more destructive as when btc could rally down so quickly even without Tesla selling it, imagine where will btc go when he will sell? Wait for more action and let btc retest and touch important support points. All altcoins will start dumping when anything unusual happens in the markets, then you will cry considering that why did you buy?

"Parami protocol" has some solid partnerships. I'm interested in following these projects. But you are thinking something is wrong with Elon Musk. I don't believe "Elon must pump the whole Bitcoin price". I want to predict something about Elon music. Finally, we will all know the bad view of Elon Musk in cryptocurrency.

Drama is still going on, tweets from elon musk affected the market price, I think this is only temporary and the bullish phase is not over yet. btw is the coin you mentioned a new project?

The ones who sold are probably the current year FOMO’s its an ordinary day for veteran holders that knows Bitcoin’s fundamentals, the coin is not hype or pump and dump like Dogecoin. BTC has real intrinsic value and no matter how this Billionaire throw bad words against it, it won’t matter.

Agree, though many institutional investors have been hoarding btc during the dips but it's still not really safe and indeed the fact that elon himself disclose of tesla still not selling btc is such a huge red flag but some people based on their TA said that the price point around $42K-$41k gonna determine whether the bearish market gonna come and btc gonna get dumped hard again or instead it comes back to bullish market again.
I personally still try to hoard btc as well regardless of all the possibilities and I guess many people do the same since many also sold their alts to move into btc.

Its hard to convince anyone to buy the dip today. I'm not buying anything but just holding. It's risky since Elon musk could just be starting to make more tweets.

He could be losing the Mars exploration because of the Chinese starting to go there already who had successfully landed there a few days ago. If he loses the battle to colonize Mars, he'd be focusing more on cryptocurrency and will just keep tweeting as his tool.

Your assumption is too early, I don't think it's the end of the bull run we are still in the middle of it, it will continue until the end of the year, don't spread FUDS, I hate Elon for causing a stir in the community and the market, his announcement came at the wrong time just as the price is moving up, this is another of his tweet to defend why he is supporting Doge Coin, the price will bounce back, we should stop believing on what Musk is posting some of them are FUDS.

Elon Musk has just declared war on Bitcoin and other major cryptocurrencies in favour of shit coin in the name of DOGE and it is fallen on him as people have crashed his own stock too leading to him losing $20B in just 24 hours and even his fall from 2nd richest person in the world.
And as you mentioned long term projects, there are series of them with great potentials. Matic is there, SFUND, SFP, Juld, REFI and many great ones are all their to hold on to.

Elon has nothing to do with this crash, the crash happen because we already up more then 10x year on year and now is the time for market to consolidate and searching the real value of bitcoin. Elon tweet is just used by whale for the crash reason. This is just my Opinion, CMIIW

Well if you are doing crypto trading for a long time and committed, you will not gonna appreciate the dogecoin and I feel the same way too. In my perspective, doge is only for those people who just entered crypto space recently and thinking that crypto is as simple as buying what coin is popular on social media and just by doing that you'll gonna earn profits. Many of them think that it can apply with other coins too that is why most of them lose their money because of that kind of mindset.

The crash wasn't caused by elon musk though elon musk added to the issues.
I think the main problem here was from China, though am not too sure but I heard a news that China dumped bitcoin because a group of some persons made a meme of a well known person or a temple am not sure though but they actually started dumping btc. Got another news that said China totally bans crypto because it's used for scamming... Many news involving China though.

Not only Elon Musk but also China caused the market to decline very sharply. Bitcoin price was nearly coming down to a level below $30k. But it looks like it has recovered some. I think this could be a nice opportunity to buy some coins. The prices of altcoins have also decreased too much.

I also don't like Dogecoin, but from 2014, Dogecoin is still the top altcoins. Name doesn't matter Dogecoin or something else, but projects must have a strong community. https://parami.io this project has a strong partnership, especially gate.io. I won't invest in new projects without having a strong partnership.

I have read many comments about it and surely Elon Musk is responsible for what happened, many people can be influenced by him and this goes against the idea of bitcoin and its decentralization but I also read this discussion on 4chain, really impressive of how was precise: https://boards.4channel.org/biz/thread/35710754

He's the most dominant influencer as of this moment, many followers keeps supporting him that's why just  a simple words that comes up with him impacts is really being felt around.

Tough to know if what's the real score between him, the market has been shake after he announce that his company is no longer accepting
bitcoin.

Then also, the China news which added to this current ongoing dumped, assess and analyze it's very risky now for your investment.

I've heard that before, history loves to repeat itself.
China already banned cryptocurrency and this caused a sharp drop in the market, but then China again began to allow cryptocurrency and the market grew.
I have no idea how China can ban cryptocurrencies if all the main miners are in China. It's like a "grenade launcher shot in your own leg".

it seems to me that anything that someone famous does or supports other people starts to take advantage of it and creates something similar for them to make profits. something a little wrong in my opinion. Dogecoin has been around for years and hasn't had a lot of copy/paste of dogecoins in the past. today there are a lot of copy/paste of dogecoin just because elon musk is supporting dogecoin... this means that these other copy/paste projects were created only because the owners want to make money.

In the past we had cases of altcoins with the name of Japanese food, there were several copy / paste. I wonder what we will have in the future? will we have altcoins with plant names?


I definitely prefer to have only bitcoin

Congrats for those who took profits on the recent btc dump. I am watching every move of btc that time and when btc down to $30k and rsi became less than 10, I said that it is the good to buy signal and buy the dips. Then after few minutes, btc pumped and inceased up to $40k again. Many people bought that dip that is why it pumped.

It's funny to read that. The largest financial funds bought a huge amount of bitcoin, significantly more than the average population has, and in the end they decided to sell their bitcoins just because Elon Macк tweeted something?
This is funny. It's obvious to me that the correction has nothing to do with this.

I am 100% agree with your statement, i dont think bitcoin had a correction caused by Elon Musk. There are so many reasons why bitcoin price is crashing  now, and I think the correction is quite normal in crypto. Up and down in price will always be happening.

maybe all have different views on what is said by @elomusk, but with a large following and he is a real businessman, it is clear at least what is said can affect, although some may say the current correction has nothing to do once again the influence of social media at least can make the movement of bitoin will be disrupted no matter how big, no one can prove it with scientific data.

but the reality now is that bitcoin is undergoing a very deep correction, beyond the usual so far. although I firmly believe that the increase in bitcoin has not ended and is still at the end of this year with a pretty fantastic value. so actually this correction is a blessing to buy and hold until it increases again.

I'm honest with you, Elon was utilized to pump then dump BTC market recently. The bigger whales knew of he's tweeting habits, and he has huge multitude of supporters so the whales took this manipulate the market. The whales took the advantages, just circulate the illusion of a mass sell off. This is the reason we should avoid the whales game and keep positive with our holding.

Im not familiar with these projects but I still prefer to only invest in popular coins since they're already proven to be worthy to hold even the market is in bearish. I dont believe in the word "risk-free" because everything has risk no matter how solid the project is.

Indeed, there's no reason to invest in these meme coins but those investors who are willing to risk their money are greedy to earn instantly. It has no utility but if the price pump because of shillings then they can earn huge and thats their goal, to earn in a short period of time. It is really risky to invest in coins without use case but its their decision and we cant coerce them to stop investing, well its their money anyway. Maybe these investors need to experience to lose before realizing their mistakes.

I missed this bloodbath in the crypto totally, i spent those hours running on the street without phone. When i got home and turned on my phone, i was totally freaked out, what a disaster day，May 19,2021.

Buy the dip? Sounds easy huh?

We can buy at every lower price of bitcoin, but we can not predict if that price is the dip or the bottom. I will stick with bitcoin and trying to make more bitcoin from the altcoin because the altcoin is the way to make more bitcoin. I do not care about what Elon says because he will say many things about bitcoin, including accepting bitcoin in the future, not accepting bitcoin, etc. We can not deny that Elon can move the market to jump high or low, but he can not do that forever. The crypto market will be back, no need to worry.

All the fud created is for business purposes of buying more coins. Bitcoin remains the top coin and every crypto enthusiast choice and that is yet to go away. Musk tweet has a shake to price pulling it down to $40,000 but that those not stop more whale to emerge and price will start building up again. He is a big  factor in cryptocurrency to the extent to influence it but price will bounce back again.

I don't think so dude. You should watch the chart again. It's needed a few hours after the dump caused by the tweet created by elon. The market was putting their trust into any news that being released to the market.
The whale could be an additional reason why the market turns into a panic sell-off.
I should remind you that if just an hour after the announcement from china to ban crypto and the market gets dumped even worst.

I only think that every fud created by someone, especially Elon is just to have a reason to make money for them. So I am not surprised to see Elon and others will do another thing to make a noise. The price will increase again, and no matter what Elon or other people say, that will not impact the market because the market will go strong at the right time. But we admitted that Elon has the power to influence people to do something but that will not happen for a long time because people will see the truth.

For first-time investors in crypto, its actually frustrating to see how a market can drain the price down in a single day. ITs not new to the old investors in the market, we have seen it over and over.

Bloomberg reports said that institutions are still up to accumulate coins so they much have a lot of BTC for they consider this bloodbath a discounted investment. Unfortunately for the ones who panic if this will quickly go up.

Elon Musk? it is true that he must be responsible for the current market conditions, but the biggest responsibility should be China.
China banned a number of trading and mining activities in China according to the news I got from here
https://www.reuters.com/technology/china-says-it-will-crack-down-bitcoin-mining-trading-activities-2021-05-21/

So, this is actually a periodic cycle that will occur after the Bitcoin halving and to be precise after the Bitcoin price has skyrocketed to reach a new ATH.

Maybe there is truth in that, those institutions are taking this as an opportunity to buy more bitcoin. But for those who panicked and sold theirs, we can't blame them. For them, that is the right decision to take, after all, that's their money to begin with. So for them even at a loss, they sold it. But in my opinion, do we really need to blame Elon or China on what is happening in this market? I don't think it is right to single out them. They are just one of the many reasons why we are having correction.

Not all. We saw also quite a number of socalled institutions sold their coins,,, which is quite weird as we all thought they were going to be hodlers and not be affected by a random elon musk tweet. I guess this proves that even some professional funds and socalled pro traders for longterm investment are no different to retails!

I dont think that only Elon Musk causes the dump of btc in the market but also there are plenty of banning FUDs such as china banning cryptos, as well as india will make a much stricter regulation for bitcoin which tend to many people to do panic selling.

Indeed, it's true that China's new ban news has great impact for current correction and Elon Musk is responsible because his tweets indirectly helped a lot for institutional investors to manipulate the market. But it's great to see that china will ban only those mining farm which are currently running through electricity plants where electricity is manufactured by coal. Like i said earlier, market is just manipulated by institutional investors so that they could dump and accumulate more for next bullish rally. Still positive for next really as this type of things already happened back in 2017-18's bull run.  ;)

That was the initial drop, there was also another one as well. So when it crashed from above 50k to under 50k that was Elon and I agree with that, or maybe Chinese ban, or maybe something else I do not know, there are so many different bad news that people do not care during bull run that when we are in bear run people think all of them are so important suddenly, so many bad stuff happened in the past 1 year while we were going up and somehow they were "not important".

What I am trying to say that even if the first fall was Elon and only Elon and nobody else, dude just said they won't accept bitcoin anymore and that dropped it, the second one that dropped us under 40k wasn't really Elon, it never was Elon if you ask me but at least that one was definitely not elon, he didn't do anything during that period and that is why I think it was some other reason.

Yes Elon musk didn't do any think when Bitcoin dropped second time. I think there was Chinese crypto ban news which dropped price or there can be any other reason. I hope market will recover soon.

In fact, I would rather say, he has made it to happen sooner than expected. With the bull market we have seen in last few months, such a dip is inevitable, at least in the means of a correction. But even under the negative market conditions, most of the currencies have performed better than what we have seen 3 years ago.

Remember that he helped pump Bitcoin from 40 to 62k++ so we should be fine he brought it back down,,, in other words we have just returned to the value of Bitcoin that was before he came along. So no losses, just losing all the hype (unless you bought DOGE then you are still in profit I guess).

I would not also say better than 2017 yet, we could still crash further:)

Now he needs to lower the price, I'm waiting for the news at the right time, when he writes that he again believes in the potential of the coin, and his company has already bought a lot, after that it will sell them again. The market listens to him, he makes money.