Musk once again tried to push up the dropping Dogecoin (DOGE), but had no success; the worthless altcoin continues to depreciate.
Musk’s earlier verbal interventions led to a bustle in the market and the explosive growth of his “favorite coin.” Altcoin, which does not have good functionality and was created on the basis of a bitcoin fork, has grown by hundreds of percent thanks to Musk. Since the beginning of this year, growth has been over 18,000%.
There are many stories on the Web of how brave and smart investors have increased their income tenfold by investing in DOGE. At the same time, experts constantly note that the growth of the coin is exclusively speculative in nature, its price can crash at any moment. It looks like this moment is close.
Elon Musk once again mentioned DOGE on his Twitter, as usual, in a mysterious and humorous manner. Tesla’s CEO supposed that the autopilot of the electric car will not only identify dogs but even display the Dogecoin logo if it turns out to be a Shiba Inu dog. Super-entrepreneur remarked:
– Maybe if it sees a Shiba Inu, the car renders a Dogecoin…
Previously similar posts pushed DOGE up 15-30%. Now the coin has not responded. The deviation of 2% cannot be described as a rise, given DOGE immediately returned to its previous values. This behavior of the players means that they have already got immunity to Musk’s manipulations. Some of the analysts use the expression “the market is tired”.
Obviously, such a reaction could force Musk to take more active actions in order to prove his influence on the cryptocurrency market. The new attempt is likely to fail too as the market becomes more mature and stable. However, there are analysts who believe that Musk is just using the popular cryptocurrency topic to promote his main business.
At the same time, another meme-coin Shiba Inu (SHIB) deserves a positive assessment from analysts. Altcoin SHIB, which was created as a “DOGE killer”, can grow on fundamental factors, the most important of which is the launch of the decentralized exchange Shibaswap. In a few days, the exchange attracted assets worth over $1.5 billion. To raise funds, high rates were offered on “yield farming”. This is a possibility to get income in native tokens for deposits opened.
The experts point out that it is a strong team behind Shiba Inu with a leader known as Ryoshi that can really change the market. Among other things, the advantage of SHIB over DOGE is that the token is created on the Ethereum blockchain, which is shifting from Proof-of-Work consensus to Proof-of-Stake.
Since May 22, SHIB has been in a sideways trend with falling trading volumes. This is one of the altcoins that has its own dynamics, not tied directly to the leading cryptocurrencies.