How will current market dynamics and Musk’s stance affect the future value of Dogecoin?
Lucie exposes the manipulation and opacity of centralized cryptocurrency exchanges.
Musk distanced himself from DOGE promotion, signaling a possible shift in the market.
Amid the current climate of heightened caution in the cryptocurrency market, as highlighted by CoinMarketCap’s recent Fear & Greed Index, Shiba Inu [SHIB]’s top marketing executive Lucie revealed some disturbing facts about centralized cryptocurrency trading platforms.
Through her posts on X, Lucy sheds light on the often opaque and sometimes dubious practices surrounding the listing of new tokens.
Lucie exposes centralized exchanges
Her disclosures highlight significant concerns about the integrity and transparency of these platforms, underscoring the need for greater scrutiny in an environment where investor confidence is already fragile.
She said,
In her post, Lucy further criticised rampant market manipulation, revealing a situation where various players are only focused on their own agendas, often at the expense of
at the expense of transparency and fair competition.
She added,
“I still believe in the coming bull run, but if you look at the politics, no exchange is pushing up the price of the token, not even Elon can push up the price of Doge.”
The recent revelations have clearly unsettled the Dogecoin [DOGE] community, with the price of the dog-themed meme coin also falling.
DOGE’s current market trend
As of press time, DOGE is trading at $0.1005, down 0.8% in the past 24 hours and a similar drop on a weekly basis, according to the latest update from Coingecko.
Historically, tech billionaire Elon Musk has played a key role in boosting the value of DOGE through his tweets, often turning bearish trends into bullish rallies.
However, the situation changed dramatically after Dogecoin was accused of investor fraud and insider trading, resulting in significant financial losses.
Musk refuses to promote DOGE
Despite Musk’s victory in the legal battle, which was confirmed by U.S. District Judge Alvin Hellerstein’s Aug. 29 ruling, Musk remains cautious about promoting memecoin.
At the recent X Takeover event, Musk advised the public not to trust any cryptocurrency projects that leverage his image or name, warning that such ventures are likely to be frauds.
He stressed that
"I don't promote cryptocurrencies - I'm just kidding," the billionaire said. "If you see me promoting cryptocurrencies, that's not me. I do think there is value in Bitcoin and some other cryptocurrencies, and I have a soft spot for Dogecoin because I like dogs and memes."
Given Musk's recent stance, it appears the market may be acting on its own.
That being said, AMBCrypto’s analysis of IntoTheBlock data shows that 70.99% of Dogecoin holders are in “profit” while 26.56% are in “loss.” Despite the current volatility, these data suggest that Dogecoin could see a bullish trend in the near future.
