Dogecoin is now like a roller coaster game controlled by Elon Musk. The price fluctuations are terrifying. Investors around the world are scared, especially retail investors, many of whom have been trapped.
Musk’s Twitter: The “remote control” of the Dogecoin market
Every tweet from Musk, whether it is an emoji or announcing that SpaceX accepts DOGE payments, can cause the price of DOGE to soar or plummet instantly. This influence is simply outrageous, even more exaggerated than the traditional financial market. For example, when the news of the US Securities and Exchange Commission's investigation into the exchange came out, the price of DOGE collapsed immediately, and the market value directly evaporated by tens of billions of dollars.
Musk's holdings: the "harvesting tool" in his hand
Musk himself has 150 million DOGE, which makes people wonder whether he will use this advantage to manipulate the market. As the world's most "meme-playing" billionaire, his every move is watched by the market. He can double the market value by just sending an emoticon; he pushes merchants to accept DOGE payments, which seems to be looking for a "buyer" for DOGE.
Prosperity on the surface, crisis behind: market liquidity can no longer hold up
Although the DOGE market seems to be quite lively, there are actually a lot of problems behind it. The MEME market as a whole is not doing well, the daily trading volume of DOGE has also dropped significantly, and the market liquidity is very poor. The so-called "global circulation" is just a cover, and the market can collapse if the dealer sells a little bit of goods.
Regulatory risk: The SEC is watching, DOGE may be classified as a security
The SEC is increasingly strict in regulating the crypto market, and DOGE is likely to be classified as a security. Once this happens, retail investors may lose all their money. From a technical perspective, DOGE's RSI indicator has been in the overbought area for many consecutive days, and the risk of a technical callback may break out at any time.
Warning to investors: Don’t be fooled, stay rational
If you still hold DOGE or plan to enter the market, please remember the following points:
Don’t play with high leverage: high leverage may cause you to lose everything overnight.
Keep an eye on Musk’s Twitter: his updates are still a barometer of the market.
Recognize the risks: There is too much uncertainty in the DOGE market, so don’t follow the trend blindly.
What will be the future of DOGE? No one can predict.
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