First post, since the market bottomed out and rebounded on June 22
After July 21, there were signs of a major adjustment. In this less than a month, profits turned dozens of times, and in less than a week, it went back down, losing more than half of the principal. It's too tragic.
Although Elon Musk's Tesla restaurant accepts Dogecoin payments, upon reflection, this is not enough to drive the price up. An increase still requires institutional capital support or Elon to provide enough room for imagination. Currently, there are no signs that Musk is pushing the price of Doge; instead, various projects are riding the wave, issuing meme coins to exploit retail investors.
Doge may ultimately be the fantasy of idealists; in the future, there will be more centralized cryptocurrencies, and decentralization will no longer be discussed. In fact, Doge can also be programmable like Ethereum and can be optimized. It just depends on whether the Dogecoin Foundation is willing to do it, and whether it can succeed is a challenge.
The cryptocurrency market is no longer the active market it once was for retail investors; it feels more like a market similar to U.S. stocks where institutions set the foundation and retail investors are active, mainly absorbing some liquidity fluctuations from the U.S. stock market.
No matter what, the driving force behind Musk's Dogecoin is $DOGE #Dogecoin .
