- Lucie exposes manipulation and opacity in centralized crypto exchanges.
- Musk distances himself from DOGE promotion, signaling potential market shifts.
Amid the current climate of heightened caution within the crypto market, as highlighted by CoinMarketCap’s recent fear and greed index, that of Shiba Inu [SHIB] top marketing executive Lucie has exposed some uncomfortable truths about centralized cryptocurrency trading platforms.
Source: CoinMarketCap
Through her post on
Lucie exposes centralized exchange
Her revelations raised major concerns about the integrity and transparency of these platforms, and highlighted the need for stricter oversight in an environment where investor confidence is already fragile.
She said:
Source: Lucie/X
In her thread, Lucie further criticized the market for its rampant manipulation, revealing a landscape where different players focus solely on their own agendas, often at the expense of transparency and fair play.
She added:
“I still believe in an emerging bull market, but if you observe the politics, no exchange is pumping coins, and even Elon can’t pump Doge.”
The recent revelations have particularly upset Dogecoin [DOGE] community, which coincided with a drop in the price of the dog-themed meme coin.
DOGE’s current market trend
According to the latter Coingecko Update: DOGE was trading at $0.1005 at the time of writing, reflecting a decline of 0.8% in the past 24 hours and a similar decline throughout the week.
Historically, tech billionaire Elon Musk has played a crucial role in increasing DOGE’s value with his tweets, often turning bearish trends into bullish rallies.
However, following allegations of investor fraud and insider trading involving Dogecoin, which resulted in significant financial losses, the dynamics have changed dramatically.
Musk refrains from promoting DOGE
Despite emerging victorious from the legal battle, as confirmed by the US District Judge Alvin Hellerstein’s ruling on August 29, Musk remained cautious in promoting the memecoin.
At a recent X Takeover event, Musk advised the public not to trust cryptocurrency projects that exploit his image or name, warning that such ventures are likely fraudulent.
He emphasized,
“I’m not going to promote crypto – at most in a joking manner,” the billionaire said. “If you see me pumping crypto, it’s not me. I think there is upside in Bitcoin and maybe some other cryptocurrencies, and I have a soft spot for Dogecoin because I like dogs and memes.”
Given Musk’s recent stance, it appears the market is on its own.
That said, AMBCrypto’s analysis of IntoTheBlock data shows that 70.99% of Dogecoin holders are “in the money,” while 26.56% are “out of the money.” This data suggests a potential bullish shift for DOGE in the near future, despite the current volatility.
Source: IntoTheBlock
