Sometimes when you cry wolf way too many times, people tend to ignore you even if you are some sort of a billionaire. Just like in the nursery rhyme. But in all seriousness, I have not been a fan of Elon Musk and his tweets and I think he has gone way overboard. Sure it was kind of exciting and interesting the first few times he did it but nowadays it seems that everyone knows he is just a troll and no one really takes him seriously anymore. And most importantly, his tweets and remarks don’t make much sense anymore.
I know that he has quite a huge following among the cryptosphere and there are still people waiting for every tweet he sends and buying up everything he promotes – recently it has been SHIB and Baby Doge meme coins/tokens. And now we have this Dogelon Musk! Even though the prices of these coins/tokens did pump for a while, they nevertheless went down just as quick. So yes, his influence is indeed waning. And this is a good thing right? Especially when we see DOGE going up for no apparent reason other than Elon Musk’s tweets. And how many “traders” got burnt during the May drop? I have known quite a number of friends who bought into DOGE at the peak and now they are trapped. They cannot sell as they will make a huge loss and the price do not seem to be rising anytime soon. And how about those who speculate and leverage? They are the biggest losers here. So I would recommend my readers to think twice when buying into meme coins and to leverage based on someone’s tweets. Even one being promoted by big names like Elon Musk.
I also can’t wait for the day when the cryptosphere turns against Elon Musk. His various tweets on Bitcoin has caused the price to drop significantly as he stepped up his attacks against Bitcoin. I heard he claimed that Bitcoin is not “green”. Sure Bitcoin mining certainly takes up quite a lot of energy but the miners themselves do not have any choice but to turn “green”. The competition in this area is very intense. You should check out Coin Bureau’s video on Bitcoin mining. You will be surprised how wrong Elon is about this.
I think the safest bet would still be altcoins that have use real-use cases. Try Cardano and Ripple. Ethereum has one of the largest ecosystem right now with so many projects current on board. EOS, Polkadot and Solana are also all great looking projects. Meme coins will never least. They are never meant to last. They are meant for people to speculate and try to make a quick buck. But in most cases, smaller retail investors like us get tricked as we won’t be able to spot the dip or the high. And when a lot of traders are burnt in the process, governments will have to step in. This will just result in more problems for us. So stop listening to Elon Musk and the other trolls on the Internet!
[Update: 10-Jul-2021] Elon Musk is back at it again. This time claiming that Ethereum and Bitcoin is “slow”. Take a look here at his very strange rant. Even with DOGE update, the core of DOGE is still a clone of Bitcoin, so how much faster can DOGE really be? Seriously, Elon is getting a bit out of hand.