Once more, TSLA head Elon Musk Tweeted regarding DOGEcoin sending the rest of the market tumbling and crowding into DOGE. This may be the 4th or 5th time he's "shitposted" about DOGE which influenced his followers and non-followers to make a haphazard move into DOGE. With friends like this who needs enemies?
The legitimacy of cryptocurrency will always be called into question when a CEO of a tech company can tweet random nonsense about a joke coin and it moves the market. That's no better than what Citadel, Robinhood, and others did regarding GME. It's fundamental market manipulation likely for selfish ends.
Yet nobody seems to call him on it. He has a large cult following where if you call out his chicanery, you're public enemy #1, if you don't call him out, he will just keep doing it. So it begs the question, how or who will stop the nonsense?
I think his actions fundamentally undermine cryptocurrency.