Elon Musk tweet causes Dogecoin holders to dump

[Oneandpure]

Elon Musk is a business man, as a businessman he has invested in cryptocurrency in the hope of making a profit. He may have invested heavily in crypto so that he could make more profit in a short time; That's probably why he tweeted; So that the crypto market is pumped very quickly.

Businessman only take care with him self when make announcement to buy doge coin he try to sell coin, but you make blind by him for selling buying doge but he has sell coin, check few minutes after he make tweet doge coin suddenly dump and not be stable on higher price because he has sell with higher amount and make price dump.

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[Febo]

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.

Remember those kids that hacked in his Twitter and many others. Trump, ... Well basically most famous people. And then they stupidly asked for Bitcoin. With such announcements they could move market 500%.  They could buy Bitcoin and then through Trump twitter announce that Bitcoin will be used by USA government and that Tesla will buy Bitcoin with all their money. Those kids could get seriously rich. But, ....

[Mistafreeze]

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

Nobody knows what this guy is upto. Why is he promoting dogecoin out of many good cryptos. If he had to promote something, he could have promoted eth.
Dogecoin has no real use case it is useless.

[Princejebs]

He is doing everything as he want, everything as usual

People will remain gullible and quick to chase money when they can do their own little research and invest on good projects but the human nature is program with greediness. That's why we easily fall into great mistakes and trap by people who don't value your financial status.
I don't know about tomorrow but I'm not move by pump and quick money traders and investors made on this doge coin. I will pass.

[Oneandpure]

Doge coin dump now what happen with many holder keep waiting price back again or try to cut loss because look not worth can doge back to higher price or not, waiting is very boring without any good news or tweet from Elon musk to make doge coin back to higher price, how ever without any holder support doge will be down.

[Tipstar]

I do respect Elon Musk, he excel at his plans and all of his ventures are making the world a better place. But he is also a billionaire businessmen. Jumping on every tweet he makes might make him greedy to use it to make a profit from himself. More importantly as we now know his company Tesla had already brought bitcoins as an investment.

[serjent05]

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.

Lol, it was a troll tweet IMHO.  Possibly he shorted and wanted to rebuy.  So, using his influence to move the market in his favor is very possible.  Anyway, it is really clear now that Dogecoin is always been a pump and dump coin.

Jumping on every tweet he makes might make him greedy to use it to make a profit from himself.

What else a businessman can do?  Of course, all his actions aim to have profit.

[bitcon]

Of course this whole doge rocking story is farce in its purest form. Manipulations on the huge desire of greedy people to get rich without doing anything for this. Smart users saw through this trick literally at once. Now the required amount will be collected and we will see how the Dogecoin hype goes down.

[mindrust]

Nobody knows what this guy is upto. Why is he promoting dogecoin out of many good cryptos. If he had to promote something, he could have promoted eth.
Dogecoin has no real use case it is useless.

You might be onto something. I don't know if his choice would be eth if he was serious but since I know he is not serious about crypto and that's the only explanation why he is promoting doge and now I know that he is not serious about crypto, his words on bitcoin won't be taken seriously as well.

 bbc.reporter's story kinda made sense (tesla is about to go down so he is diversifying and making crypto people share his risks on tesla) but since he didn't prove any source for that story, I cannot really say if that's the case. I can only speculate.

[ChiBitCTy]

This is exactly what I have been trying to tell all you die hard doge head fools.  Dogecoin has ABSOLUTELY NOT FUTURE.  Doge is only where it's at because of people ( like Elon Musk ) pumping it up over the years. Dogecoin has ZERO utility. 

The most important question to ask yourself before buying an altcoin is " Does this coin solve a real world problem of today? What does this coin do to make things better or easier than they already are? " ..if there answer is nothing, then there you go.  Dogecoin is the same as 1000's of other altcoins...there's nothing special about it.

[Oneandpure]

Long time not see where is Elon Musk now because he have make many people panic for buying Doge coin and now price dump, I don't see any new tweet from Elon Musk how to support many holder or Doge coin and make price back to higher again, many holder want to see Doge coin back to higher price again without any problem faced.

[mekar sari]

One of the factors that caused the doge dump was the negative tweet by Elon Musk this person is very influential on the price of doge in the market
but currently the price of the doge is able to survive and rise little by little a slightly positive move, I still believe in doge capable of rising high like yesterday because I still hold a large number of doges

[businessgirl]

Market cap way to high to hit a dollar it’s near impossible. These Reddit people are using people stupidity to make a quick bucks and sell and leave them to holdl until the coin vanished from existence
He probably will, he is manipulating the system for his own benefit.

[isaac_clarke22]

What can we expect anyway for many investor's reaction to it?
Many people are driven easily by celebrities that's why these happens.
I respect Elon Musk, but some people should learn to think for themselves and  not get merely influenced by celebrities. It's just like one of those teens getting easily manipulated by Tiktok influencers.

[Cling18]

That guy is just manipulating the community through his Tweets and his own followers are his own victims which is really ironic.  As for me, he's doing those kinds of manipulation for his own purpose. How just want to take a bigger profit so he's trying to influence people to dump and pump. We should keep in mind that he's a businessman and he's too focused on getting richer.

[Bitcoin Seller]

Long time not see where is Elon Musk now because he have make many people panic for buying Doge coin and now price dump, I don't see any new tweet from Elon Musk how to support many holder or Doge coin and make price back to higher again, many holder want to see Doge coin back to higher price again without any problem faced.

It seems to me that Elon Musk is coping with the role of a manipulator. Musk first tweeted the value of the low-liquid Dogecoin. Now well-known American entrepreneur has called on large Doge coin holders to sell most of their cold assets in order to reduce the concentration of funds.

He even offered to pay for the cancellation of Doge owners accounts! I do not understand the actions of Mr. Musk, and I think that sooner or later users will stop responding to his strange calls. I wonder what kind of fate awaits the coin itself. 

[disconnectme]

Forget the dump, look at where Dogecoin was before Elon Musk started shilling it, the good thing for the project now is that it has new bagholders and this can help steer up better development plan for the project because for years the project has not improved the network and is time they start differentiating it from just Bitcoin fork

[lixer]

Hmmm I am seriously not liking all these dramas that the cryptocurrency market has been turning into, and by that I mean the Dogecoin market, like seriously how can just one guy be telling everyone what to do and they are sheepishly doing as he says. So, that means this guy has some really good chance to cash out big.

He can just say one thing and cause the Dogecoin market to go down and then he will invest billions of dollars and then tell people to start buying and they will stupidly make him even more rich. This is really dumb asf, I have not even invested in the Dogecoin before and I don’t think with all these things that I am going to do that, their community is now Elon’s puppets.

[Fivestar4everMVP]

This man definately knows what hes doing, he is just using the general public to make more money for himself, i just wish people can come back to their senses and stop falling for this tweets, but then, i understand that this is part of the market and this is the same thing that drives most of the financial market including the forex market, stock market and most others, most people depend on news or tweets like this to decide whether to go in or go out of the market if they are already in.

[lousie9]

Long time not see where is Elon Musk now because he have make many people panic for buying Doge coin and now price dump, I don't see any new tweet from Elon Musk how to support many holder or Doge coin and make price back to higher again, many holder want to see Doge coin back to higher price again without any problem faced.

It seems to me that Elon Musk is coping with the role of a manipulator. Musk first tweeted the value of the low-liquid Dogecoin. Now well-known American entrepreneur has called on large Doge coin holders to sell most of their cold assets in order to reduce the concentration of funds.

He even offered to pay for the cancellation of Doge owners accounts! I do not understand the actions of Mr. Musk, and I think that sooner or later users will stop responding to his strange calls. I wonder what kind of fate awaits the coin itself. 

I saw the increase in the price of DOGE at that time has made most ordinary people or investors invest in the coin. but it is very risky for those who have bought at a high price or FOMO, because I think the DOGE price hike will not happen for the second time. DOGE is already at its ATH price, if one is still hoping for the high to repeat itself, then you should consider a thousand times for it.