Elon Musk tweet causes Dogecoin holders to dump

[bbc.reporter]

It appears Elon Musk has trolled the Dogecoin community. This might have also caused the number of bagholders to increase which might also cause an increase in the number people in the Dogecoin community hehehehe.

In any case, this might also only be a distraction from the bad news that Tesla was summoned by Chinese regulators for consumer complaints on quality. The skeptical me also thinks that the summon might also not be just caused by consumer complaints. There might be more behind the story.



If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.

Source https://twitter.com/elonmusk/status/1361094185412100096



"Chinese regulators summon Tesla on quality issues as consumers complain about quality ... but $TSLA bought $BTC," the Scion Asset Management boss tweeted, using the tickers for Tesla and Bitcoin. "In my mind's eye, so much #digitalconfetti."

Source https://markets.businessinsider.com/currencies/news/big-short-investor-michael-burry-questions-tesla-bitcoin-dogecoin-bubble-2021-2-1030059706

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[Anonylz]

Yeah well what do we expect will happen to a heavily shilled coin by a business guy who only think of how to maximise profit,  Elon tweet (something positive) people go into doge shopping frenzy, Elon tweet (not so positive) dogecoin bag holders go ballistic and want to dump the market to hell,

At least he is ready to support (probably buy off their bags) whenever they want to dump, am beginning to wonder if Elon influence on dogecoin is healthy for the continuous survival of the project.

[Kemarit]

Well by now we should all know that Elon is just trolling us with with Dogecoin tweet. But there are still group of people who thinks that Dogecoin can reach $1.00. Not saying it won't happen, but the reason of the price increase was obvious pump and dump scheme and sooner or later it will crumble down very hard for investors.

So why not take profits already and don't be fooled by Elon here.

@Anonylz - I would say that it is not healthy for the survival of Dogecoin.

[nicecrypto]

Yeah well what do we expect will happen to a heavily shilled coin by a business guy who only think of how to maximise profit,  Elon tweet (something positive) people go into doge shopping frenzy, Elon tweet (not so positive) dogecoin bag holders go ballistic and want to dump the market to hell,

At least he is ready to support (probably buy off their bags) whenever they want to dump, am beginning to wonder if Elon influence on dogecoin is healthy for the continuous survival of the project.

I believe he can only do that for those kinds of coins and not for Projects like Bitcoin and Eth etc. Do you think even Elon Musk will be able to tell the BTC community that they need to reduce or sell most of their bag so that he can support? They Invested in BTC then told the world they've invested even though that announcement moved the price which is expected from heavyweights like him, I think this his continuous shrill of Dogecoin will reck most of the HODLers.

[mannybitcoins]

With his series of tweets, Elon Musk did free advertising for Binance, and Binance earned obscenely much on MM DOGE and commissions (record trading volumes), apparently using part of the income on BNB. All in all, another bullish factor for those holding the bottom.

[Renampun]

*I'm not saying this is bad but Doge's price really down because of his tweets...
Doge is already experiencing a big bullish because of his tweets which makes an absurd ATH. I love Doge, of course, Doge is good for long term Hodl imo. *This reduction in price is an opportunity to buy

[SaShiRaJaVu]

Yeah well what do we expect will happen to a heavily shilled coin by a business guy who only think of how to maximise profit,  Elon tweet (something positive) people go into doge shopping frenzy, Elon tweet (not so positive) dogecoin bag holders go ballistic and want to dump the market to hell,

The market reacts to everything he tweets and it is becoming a joke, i do not mind him shilling the coin so that the market pumps but then to come out and say the opposite a few days later is not the way he continue to manipulate the market and may be that is what he is trying to prove .

At least he is ready to support (probably buy off their bags) whenever they want to dump, am beginning to wonder if Elon influence on dogecoin is healthy for the continuous survival of the project.

Doge coin does not need any support from anyone to survive, the only thing the project needs is from the developers to update the software and it is two years since the developers made any changes.

[bakasabo]

Hope his next tweet wont be something negative Bitcoin related. Elon Musk showed the world he could easily conduct cryptocurrency mood. On one hand this is good, on the other, it such powers can be dangerous. Hope he wont lose his mind (specially after smoking) and do ridiculous decisions, which he could easily hand, but rest of us will in deep trouble.

[Japinat]

Lol, now it started to dump and we know Elon was just shilling DOGE, those who ride with the FOMO shall complain but will Elon be liable on that? We are in the crypto market and this is a highly speculative market, what's wrong with Elon's telling his opinion about a certain coin? What's wrong if he invested on it or not and telling people to buy though not directly?

It is our fault, we got FOMO'd and now we regret. let's face it.

[JHORN]

If you know what's good for you sell your Doge coin If you've already make enough profits, elon musk isn't into crypto and he knew less about it, there are many examples like him in the past crypto histories

[cissrawk]

Wait, if you read the reply, Elon said

I will literally pay actual $ if they just void their accounts

Looks like, this mean if dogecoin get dump, Elon will support it, so it doesn't fall deeper.
I'm not sure, but that's what i catch, i might be wrong tho.

[Febo]

If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.

It is logical that, that is better.  Having 1000 holders with 1 coin is better then 1 holder with 1000 coins. It is bad for the price since price of coins with many owners is lower then price where few people hold most coins and hold them. Those big holders always makes fear that they will dump. It is same with Bitcoin. Until Satoshi will spend his coins there will be constant fear that he can tomorrow sell his coins. He should do it ASAP to cancel that fear and to allow people to get cheap Bitcoins so more people could afford them. 

[maryanti]

Hearing this news, as a Dogecoin holder, I am naturally very worried about Dogecoin and its price.
Elon musk has made changes to Dogecoin as well as negatively impacting Dogecoin holders in the event of a decline in the initial price of Dogecoin.
I'm not quite sure Dogecoin will ever hit the price of 1 $.

[Fesatmas]

At least he is ready to support (probably buy off their bags) whenever they want to dump, am beginning to wonder if Elon influence on dogecoin is healthy for the continuous survival of the project.

Your question, is a question mark that often crosses my mind, with the situation DogeCoin is often a ping pong ball game for big business people, isn't this very irrational based on the definition and purpose of cryptocurrency. but hopefully that question will be answered with an answer that doesn't disappoint. because no matter how his business is for him, it is very difficult for us to pursue and well understand the path he is taking for the future of DogeCoin.

[mindrust]

That's it. He has become a full McAfee.

I hope he keeps doing this and have his fun.

The SEC will probably have to interfere at some point.

[Jackl87]

I hope elon musk realises that he is in a position where a simple tweet of him has big impacts on the life of some people.
First he tweets something positive about dogecoin and makes a lot of people very happy with nice 10x.
Now probably a lot of people bought into dogecoin because of his recent shills and the associated media exposure and now he is criticizing it make the price dump 20%.

[Coyster]

I hope elon musk realises that he is in a position where a simple tweet of him has big impacts on the life of some people.

That's the thing, people should not rely on Elon Musk's tweet to invest in a coin, you could trust his judgement to an extent, being the successful business man that he is, but simply copying him by investing in whatever coin he tweets about is a wrong way to invest. Elon Musk could also be manipulating the market to his favor, and being the billionaire that he is, he could very well easily do that.

I do not have any dogecoin, neither will I hold or dump any coin cause of someone's tweet, I hodl btc cause I believe in the Bitcoin network, and there's no sort of positive publicity that'll make me invest more than I can afford to lose, neither will there be any negative talk/tweet, that'll cause me to dump, that's how investors should be, invest in coins that you can trust their ecosystem.

[Imran232]

They are playing with us.They made their profit but we can't make profit because of them. Its like that the whole countries investors is in his hand and he can start and stop play anytime. His behaviour a bit of suspicious. I think he is pumping price of crypto after buying in cheap price after that when people see his tweet and invest those project and pump the price then he sold his investment. And then he tweet again to sold their coin then they all are trying to sell and price gone down. Then he might buy again. Maybe he is playing this mind game with us😔😔😔

[Valak]

~snip

Issues are very easy to pack, but unfortunately people who accept these issues immediately think negatively. Dump done on Dogecoin today proves they lack confidence in trading principles. I think Elon is making contracts with many countries regarding the Tesla company.

[SquallLeonhart]

I believe that Elon doesn't need to "change the topic" on anything, Chinese consumer complaints could be sky high and nobody in the entire world would care about it, hell these are the same people that kill and murder an entire race of humans in their nation, I couldn't care less if all the Tesla cars in china didn't had breaks and killed anyone that rides a tesla in that nation and I am not even joking.

So, Elon could just do whatever he wants in china and west should not care at all, after years of low quality stuff chinese sold as counterfeit of the original brands, nobody would really care about what is going on there. However he doesn't say anything bad here for doge neither, he says there are too many people who hold too many dogecoins and he can't get in 100% into it, which is why I think he just wants to make it a bit more decentralized by distributing the coins equally to people.