Shock!!!

Elon Musk's avatar change triggers market turbulence! Can Dogecoin expect a turnaround?

Every move by Musk is enough to stir the crypto market. This time, his change of avatar once again shook Dogecoin's market performance. Previously, when he changed to a Shiba Inu avatar, Dogecoin surged by 30% in an instant, a scene still fresh in memory.

However, this time Musk changed to an electric vehicle avatar, leaving the market in confusion. Although there has been continuous discussion on social media, the 'Musk Effect' seems to be weakening, with emotional fluctuations greatly retreating.

From a regulatory perspective, Musk's actions undoubtedly increase market uncertainty. Earlier remarks claiming 'Dogecoin is a scam' once led to a 25% crash in its price, and this incident may intensify regulatory pressure, potentially affecting the progress of the 'Cryptocurrency Market Integrity Act.'

On-chain data shows that Dogecoin is facing significant selling pressure, with the top ten addresses transferring out 120 million DOGE within 24 hours, and net inflow to exchanges surging by 300%. The concentration of holdings among whales has dropped to a new low in 2024, which is undoubtedly a warning signal for the future of Dogecoin.

In addition, the macroeconomic situation is also exacerbating Dogecoin's volatility. With the tightening of dollar liquidity, Dogecoin's volatility has surpassed 98%, increasing market uncertainty.

In such a turbulent market, there is a special presence—Conan, a cryptocurrency based on a specific concept, which has shown strong development potential and has become a bright spot amidst Dogecoin's predicament. The team is strong and has successfully created multiple hundredfold coins, worthy of attention.

Future layouts will focus on those high-potential altcoins, with expected returns achieving tenfold growth. Friends who want to follow the bullish market layout, remember to like and comment!