Elon Musk Profited $2.2B Pumping DogeCoin: Blockchain analysis [DogeWhistle.com]

[Similificator]

The fault really rests at the people who were fooled. there's a saying that no one will be able to scam if no one would let themselves be scammed. Kudos to those people who had the initiative tontake advantage of this pump and bought a lot then have sold their bags after having huge profits. The world is full of crap, people need to learn to adapt in order to survive, let alone excel.

[DogeWhistle.com]

The fault really rests at the people who were fooled. there's a saying that no one will be able to scam if no one would let themselves be scammed. Kudos to those people who had the initiative tontake advantage of this pump and bought a lot then have sold their bags after having huge profits. The world is full of crap, people need to learn to adapt in order to survive, let alone excel.

Agreed. Lack of due diligence is the main culprit here, as it almost always is.

[DogeWhistle.com]

Agreed, it's all "unrealized profit". And, in practice, it would be difficult to liquidate that much DogeCoin without influencing the price significantly (it would have to be liquidated gradually over time, and probably spreading the sales out among different exchanges would also be advisable). But, those things are impossible to calculate with certainty, so I just gave figures for unrealized profit, since that can be determined rigorously and explicitly.

[Sanitough]

Just a speculation, if it's true that Elon made billions on DogeCoin pump, he could have reported taxes on what he earned, you know he is a influential person, he should be more compliant on the law, otherwise it will affect his business reputation which is also billions of worth, and since we didn't here any news about that, so there's no valid proof here but a mere speculation.

[DogeWhistle.com]

Just a speculation, if it's true that Elon made billions on DogeCoin pump, he could have reported taxes on what he earned, you know he is a influential person, he should be more compliant on the law, otherwise it will affect his business reputation which is also billions of worth, and since we didn't here any news about that, so there's no valid proof here but a mere speculation.

True, but taxes need to be reported and paid only on realized gains - if you invest in crypto and it appreciates in value, you don't need to report it on your taxes until you sell it for fiat. And, there is no requirement that Musk (or anyone else) make their tax returns public - see the debate around Trump's tax returns. Even very prominent people aren't legally required to release their taxes to the public. Musk doesn't release his taxes, so there's nothing to report on. There's no law that says "your taxes are private except if you're rich". Everyone has the same legal right to tax privacy (even if we might believe in some moral or public-interest sense that the very-wealthy ought to be excluded from such protections).

[hatshepsut93]

Why invent some far-fetched conspiracy theories if there's enough real reasons to not invest in Doge? It's a competitor of Bitcoin, but it's not even 1/100th as decentralized and secure as Bitcoin, it's even more volatile and doesn't have active development. You can't even make an argument that it's more scalable, because Lightning Network is the only way to truly scale. It's also not true that Dogecoin has strong community, as seen by reddit, its community is just people who want to pump and dump it.

[DogeWhistle.com]

Why invent some far-fetched conspiracy theories if there's enough real reasons to not invest in Doge? It's a competitor of Bitcoin, but it's not even 1/100th as decentralized and secure as Bitcoin, it's even more volatile and doesn't have active development. You can't even make an argument that it's more scalable, because Lightning Network is the only way to truly scale. It's also not true that Dogecoin has strong community, as seen by reddit, its community is just people who want to pump and dump it.

Yeah, agreed. I just think it's ironic that Redditors (who are often obsessed about "sticking it to the MAN" and "fighting the SYSTEM" and "taking on the WALL STREET BANKSTERS!" (whatever that means) are probably just transferring money to the richest man on Earth. I mean, that would be hilarious. And I don't think it's far-fetched given the transactions I've identified.

[lumierre]

Mr. Musk did everything that was planned. He replenished his budget by 2.2 billion and the coin fell by 13% over the past day. Moreover, people are already tired of these oddities, the cost of Dogecoin did not react in any way to the last post of Musk.

Many already understood that all the excitement was fake.

[Fivestar4everMVP]

Well, for me, assuming this was or is true, then I must say that him profiting that huge amount of money from doge shouldn't be a thing of surprise to us, I mean one can only promote what he or she has, all this time musk was tweeting about dogecoin, it is only common sense to know that he must be holding a very huge bag of it which he doesn't want to dump at a loss, so knowing that with his affluence, he can pump the price of doge to enable him dump his bag in profit, he did it which is what I think anyone in he's position will do anyway, so am not suprised.