Amidst the current atmosphere of increased caution in the cryptocurrency market, highlighted by CoinMarketCap’s recent fear and greed index, Lucie, the top marketing executive of Shiba Inu [SHIB], has brought to light certain unsettling truths regarding centralized cryptocurrency trading platforms.
In a recent post on X, Lucie illuminated the often obscure and questionable practices associated with the introduction of new tokens.
Lucie’s Exposition on Centralized Exchange
Her disclosures raised significant doubts concerning the honesty and openness of these platforms, stressing the necessity for more thorough scrutiny in a time when investor trust is already delicate.
Lucie remarked,
Expanding on her observations, Lucie further condemned the market for its widespread manipulation, uncovering an environment where various actors are solely concerned with their personal interests, sometimes disregarding transparency and fair competition.
She elaborated,
“I still anticipate a forthcoming bull market, but when you look at the current situation, no exchanges are artificially inflating coins, not even Elon can boost Doge.”
These recent revelations have notably perturbed the Dogecoin [DOGE] community, coinciding with a decrease in the value of the meme-based cryptocurrency.
DOGE Coin’s Present Market Performance
According to the most recent Coingecko update, DOGE was priced at $0.1005 at the time of reporting, showcasing a 0.8% decrease in the past 24 hours and a similar drop over the week.
Historically, tech mogul Elon Musk has been instrumental in enhancing DOGE’s valuation through his social media posts, frequently transforming downward trends into bullish upswings.
However, following accusations of investor deception and insider trading related to Dogecoin, leading to substantial financial losses, the dynamics have shifted significantly.
Musk’s Abstention from Promoting DOGE
Despite emerging triumphant in the legal dispute, validated by U.S. District Judge Alvin Hellerstein’s ruling on August 29th, Musk has refrained from actively promoting the memecoin.
During a recent X Takeover event, Musk cautioned the public against placing trust in any cryptocurrency projects that exploit his likeness or name, cautioning that such endeavors are likely deceitful.
He stressed,
“I will not engage in promoting cryptocurrency — at most, in a jesting manner,” the billionaire expressed. “If you witness me hyping up crypto, it is not me. I do believe in the value of Bitcoin and perhaps other cryptocurrencies, and I have a soft spot for Dogecoin, as I appreciate dogs and memes.”
Considering Musk’s recent position, it seems the market will have to navigate on its own.
That being said, an analysis by CryptoCrypto of IntoTheBlock data indicates that 70.99% of Dogecoin holders are currently profitable, while 26.56% are experiencing losses. This data hints at a potential bullish turnaround for DOGE in the near future, notwithstanding the current market volatility.