Are we seeing a real live pump and dump or what exactly is going on?
Doge coin as mentioned by Binance CEO Chanpeng Zhao in this Tweet looks abandoned.
The shocking stats in the tweets are
1 address holds 27% of all DOGE.
Top 20 addresses holds more than 50%+ of all DOGE
Latest release was back in November 2019 with no significant improvement
The above shows Doge is abandoned and a coin for whales to play with.
Why Elon Musk is interested in Doge is a question I find hard to answer.
There are two ways to this
Elon Musk holds or longed some Doge before shilling on Twitter. His latest tweet saw the dumping Doge soar around 50%. This is bad news for shorts who believe the Doge season is over. This might be a game for the outspoken billionaire.
Long a good amount of Doge on different accounts
Come to twitter and tweet a meme.
Doge pumps and he dumps. Then repeat.
The second way can be Elon Musk testing his influence. This same Musk added Bitcoin to his bio and the digital cryptocurrency surged in price. He removed it afterwards.
It can just be a test of influence or a random sampling test. He has simply displayed that people are willing to pour millions of dollars into whatever project he bring out. Afterall, he is an entrepreneur looking for ways to make profit. He might be testing his shilling power. He tested it on Tesla and successfully dumped Tesla stocks. He tested it on Signal too. Crypto might be the next in his test.
Which do you think is the best plausible explanation?