A Curious Little Warning To People New To Crypto (Or New To Thinking) - By Mr. Y
D Man here: as I have attracted some new followers recently, and since Mr. Y was active only in Premium group and here when giving you top-notch gems, let me give a brief reminder before sharing his curious little warning.
Mr. Y is probably the most ahead-of-time, accurate, deep-into-research fundamental analyst in crypto today.
He predicted many things early, old followers know his epic predictions of Coinbase listings, of big fails of some famous coins and big upcoming rises of others…
Now he issues the warning about what I believe is the biggest problem in crypto today…
By Mr. Y:
Why Dogecoin pump-and-dump is hurting Crypto
Dogecoin is a meme coin that started as a satire, to point out there are far too many shitcoins with absolutely no reason to exist and no functionality at all. The two founders issued multiple warnings to not buy Dogecoin as a financial asset and they explicitly said that it was has zero inherent value and was created for comedy reasons. The supply of Dogecoin is uncapped and 10000 new tokens are issued every minute. Yes, you heard that right, every fuckin minute. Dogecoin has annual inflation of 5 billion new tokens. In addition to this, the supply is highly centralized with ~100 wallets hold 90% of the entire supply and 1 wallet alone controls 28% of the whole circulating supply.
This "asset" is up 26697% in the last 365 days, which is batshit crazy and only shows how much dumb money is circulating inside this market. Elon Musk is responsible for this, as he made it his hobby to manipulate the price of Dogecoin with his tweets. Because of his reckless behavior the price of DOGE skyrocketed to extreme highs. It is as overvalued as it gets and this will crash down violently, leaving a lot of people in the dust. Many people who were dumb enough to follow this guy will suffer financially, and this will shed a bad light to the whole crypto sphere. But Elon doesn't care, he manipulated the Tesla stock in the past with lies and was sued by the SEC in return. He decided to lie about Tesla buying back shares of the stock at much higher prices then traded at this time and this caused a sudden rise in price which in turn liquidated a lot of shortsellers.
Tesla was the most shorted stock at that time and Elon didn't like that. Grasp how fucked up that behavior is. And now people are celebrating him and act like he is the "savior of crypto". That guy will dump on retail without the blink of an eye, he doesn't give a fuck about regular people. We have reason to believe that the biggest Dogecoin wallet (the one that controls 28% of the total supply) is owned by Elon Musk himself. Altough this cannot be proven, there are some indicators to support this theory. And if this wallet moves a single coin the whole house of cards comes crumbling down. And then people will say "crypto is too volatile..it is a scam etc."
But Elon doesn't care, his company Tesla already made more money with their BTC trade than selling cars in 2020 and 2021. So, there are two options here, he is doing all the shilling because he "finds it funny" or because he has a financial interest. Regardless of what of the two it is, this will have consequences. Not for him, but for regular people who were uneducated enought to follow him to the slaughterhouse.
Don't buy Doge.
Boycott Elon Musk
Exclusively for Blockchain Whispers followers,