Giant finance and investment company Motley Fool, together with his latest statements, mentioned these altcoins pumped by Elon Musk and made critical warnings! Here are the details…
Warnings from the popular financial company worry investors!
According to the expert, these altcoin projects, where Elon Musk has investments and pumped for a long time, do not have long-term growth catalysts. cryptocoin.com As we reported, on April 3, Elon Musk replaced the iconic Twitter logo with the DOGE mascot without giving any preliminary details. He then shared a funny Shiba dog photo on Twitter.
However, DOGE has had some good breakthroughs in the past few weeks, but according to the expert, the overall memecoin projects are too weak to offer a long-term rise. With the Dogecoin logo changing to the Twitter logo, DOGE supporters considered this move a prophecy and experienced a 30 percent rise. On the other hand, the transaction volume of the project reached 3.54 billion ods on the day when Dogecoin experienced a 30 percent increase.
According to experts, there is much that needs to be clarified here. This move could also be an April Fools’ joke. However, another point that experts draw attention to is that Elon Musk deliberately wants to keep the pump movement alive. Nobody knows why yet.
Memecoin projects point to pessimistic levels in the coming periods
In the past, Elon Musk has supported Dogecoin with tweets, many of which include funny memes of the Shiba Inu dog. And often these witty tweets caused the price of Dogecoin to soar. According to experts, after this move, many DOGE investors expected big increases for DOGE. So it seems simple to understand why so many investors jumped on this latest opportunity to capitalize on Elon Musk’s public support.
However, the effect of this move was short-lived and there was a short-lived rise in Dogecoin price. However, in the 24-hour period, the Dogecoin price dropped by 1.52 percent. Dogecoin is still trading around $0.10 and shows no signs of breaking the $1 level. This is a level DOGE has never reached in its 10-year lifetime. The all-time high for altcoin Dogecoin is at $0.74. Of course, this peak coincided with the time Elon Musk appeared on Saturday Night Live in May 2021, joking that Dogecoin was basically “a scam.”
The important point here is that memecoins are not catalysts. In other words, there is no basis to support a high valuation for Dogecoin, which according to experts has never been more than a meme coin. Originating as a joke, Dogecoin is still an old Proof-of-Work Blockchain project with limited capacity to support all the modern innovations that have happened in the blockchain world over the past decade. At best, it could be a potential payment for online transactions, with a limited number of merchants accepting Dogecoin payments, according to experts. That’s why the relationship between Elon Musk and DOGE is so interesting. Musk, who promised integration to many investors, has not yet realized it. During this six-month period, many experts suggest that Musk only saw DOGE as a pump tool.
Regulatory risks rise for these altcoins
Another reason to be cautious about Memecoin projects is the increasing regulatory risks. As an example, the giant finance company cites the $258 billion DOGE lawsuit that Elon Musk faced recently. Although his lawyers and Musk dismiss this case, there is always a risk. However, the regulatory view on Dogecoin does not seem very kind, and according to experts, regulators may investigate altcoin DOGE as a market manipulation.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.