Musk is done with it, is Dogecoin dead? Can the overlord of the cryptocurrency circle make a comeback?
Lucie (Shitcoin Marketing Officer) recently revealed the inside story of the operation of centralized cryptocurrency exchanges when Binance launched NEIRO, igniting market discussions. She publicly questioned the transparency of the exchanges on social media, pointing out that there was a lot of manipulation, further undermining investors' already fragile confidence.
She mentioned: "Although I believe that the bull market will eventually come, the current political environment makes exchanges reluctant to promote new coins, and even Elon Musk no longer supports Dogecoin."
Due to the scandal of investor fraud and insider trading involving Dogecoin, the market atmosphere has become extremely cautious, and CoinMarketCap's fear and greed index also reflects this. The price of Dogecoin has therefore been under pressure, falling 0.8% in the last 24 hours and continuing to fall this week.
Although Musk's tweets used to easily push up Dogecoin, the effect is now much less than before. He even publicly warned against trusting cryptocurrency projects that use his image to promote, and emphasized that his support for DOGE is only based on personal preference, not investment advice.
Still, according to AMBCrypto’s analysis, 70.99% of Dogecoin holders are still in profit, suggesting that the coin may have upside potential in the future.
Bitcoin (BTC) prices broke through $62,000 for the first time in September after the Federal Reserve cut interest rates on Thursday, driving a continued recovery in altcoins. Among them, Dogecoin (DOGE) indicates a possible bull run in the short term.
The leading meme coin currently has a fully diluted valuation of $15 billion, with an average daily trading volume of about $706 million, up nearly 3% in the past 24 hours, and the price remained above 10 cents on Thursday.
Dogecoin network activity is also increasing. Dogecoin supporters are looking forward to its integration with the Elon Musk-backed X platform for its upcoming payment function.
Musk previously revealed that Dogecoin will soon support payments for Tesla and Starlink goods, which will further promote the development of the meme coin.
