Elon Musk is conveying a message by capitalizing on Dogecoin’s fame.
The influence of people like Musk will always corrupt what was pure and idealistic.
He wants you to know that nothing can evade control.
Revolutionary potential means nothing. The work of a CEO is to tame disruptive technologies, market them, and extract the maximum profit.
The powerful elite will use the mainstream media to ridicule influential new ideas and robust technologies and stall progress until they gain leverage.
Musk knows he can not control the concept of cryptocurrency, so he selected a meme coin to prove that the whole cryptocurrency market is nothing else but a joke.
Dogecoin might always have been a joke, a meme, or a farce. Yet, it was also a coin people in crypto adored and often used since it includes low fees and fast transactions.
Dogecoin was the first coin I tested in mid-2017, but Elon Musk and his army of internet shills forced me to despise it in 2021 (the year speculation defeated utility).
Elon Replaces Twitter Logo With Dogecoin’s Shiba Inu!
We witnessed a new farce recently by the master of publicity stunts.
Musk caused waves again in the Cryptoverse and beyond, by changing Twitter’s logo to Dogecoin’s Shiba Inu!
In 2021, Elon Musk made Dogecoin his favorite cryptocurrency and shilled it to more than 100x ROI. But even Musk could not stop the dump that followed and Dogecoin left thousands of investors with significant losses since 2021.
Financial news reported the logo incident, and the price of Dogecoin pumped immediately as trading bots decided the indicator was positive.
Still, there was no follow-up. The Musk effect is not as powerful as we believe or as much as influential as during the hype cycle of 2021.
Musk Is Testing His New Powers
We can also test the waters, though. Cryptocurrency is closer to a turning point, experiencing the final months of the bust cycle.
As the halving of several cryptocurrencies approaches, interest will return, and a new hype cycle will form.
Speculation will outshine utility again, as nothing changed.
Old industry leaders that somehow miraculously survived what seemed like a certain collapse seem to have retreated from the mainstream, knowing how bad things can get if the bottom is not in yet.
Thus, we still have custodians and exchanges like Binance, Grayscale, and Gemini, but also Tether ($USDT) which is now the favorite partner of the FED and US financial authorities.
It will not be long before Bitcoin (BTC) becomes the talk of the town again, but it will take the news of a new ATH for the media to revive interest.
The reoccurring pump and dump (market cycles) will transpire again, but it will have less influence and deliver fewer rewards to even fewer individuals.
The next rally will reward those who bought cryptocurrencies with potential, but it will damage even more than in 2022 or 2018.
Doge TA (Woof Woof)
Well, this is Doge TA, so you should not expect anything better.
For real technical analysis, you can always follow Tone Vays, Willy Woo, Carl the Moon, PlanB, Trevon James, and Carlos Matos.
These professional traders are the experts, and if you can wait for two decades until their TA meets a target, it will prove you have the skin in the game and what it takes to succeed as a trader.
Trading algos utilizing mostly stable coins (since no fiat is entering the market right now) pumped the price and created decent odds for more upside, but the fake-out will be complete soon.
We can only wonder what games are Musk and other whales playing behind closed doors. Insiders will profit. If you don’t have the spider-sense you can’t play the Doge trade.
Yet, from this chart, we can almost safely attest that the crypto market is not ready to pump coins yet, and any breakout we witness will be temporary.
In Conclusion
The army of Robinhood traders and fake supporters will soon flood social media again with boring and outdated Doge memes. It was not Musk but these speculators that made it all worse.
Perhaps Musk wanted to make Doge a distraction from significant issues in our societies. Sometimes, though, we need a distraction, and Elon Musk can make anything popular.
However, he does not respect the permissionless and trustless features of cryptocurrency, and only cares about how to tame it and make it a profitable venture.
He is a top entrepreneur and a visionary, but while sometimes he inspires humanity with his vision, other times he acts like a narrow-minded elitist.
This void Musk feels deep inside him increases together with his wealth. He knows he can not escape the limitations reality sets. Setting noble goals and believing in the best for humanity should not contradict our actions in our everyday life.
Jordan Belfort is not that different from Elon Musk. He is the same person with minor differences. Had the Wolf of Wall Street not been so arrogant, he could have attained the same success as Musk.
Success, though, is ephemeral when the billions of your net value are not backed by delivering immense utility to your society. And societies will decide if a billionaire is adding value and deserves this wealth.
Know this, as it is one key to unlocking your true potential.
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