“Not even Elon can pump DOGE,” says Shiba Inu exec – Why?

• Lucie exposes manipulation and opacity in centralized crypto exchanges.
• Musk distances himself from DOGE promotion, signaling potential market shifts.

Amidst the current climate of heightened caution within the crypto market, as underscored by CoinMarketCap’s recent fear and greed index, Shiba Inu’s [SHIB] top marketing executive Lucie has exposed some uncomfortable truths about centralized cryptocurrency trading platforms. 

Source: CoinMarketCap

Through her post on X, Lucie shed light on the often opaque and sometimes dubious practices surrounding the listing of new tokens.

Lucie exposes centralized exchange

Her revelations highlighted significant concerns about the integrity and transparency of these platforms, emphasizing the need for more rigorous scrutiny 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 various players are solely focused on their own agendas, often at the expense of transparency and fair play.

She added, 

“I still believe in an upcoming bull market, but if you observe the politics, no exchanges are pumping coins, and not even Elon can pump Doge.” 

The recent revelations have notably unsettled the Dogecoin [DOGE] community, coinciding with a drop in the price of the dog-themed meme coin.

DOGE’s current market trend

According to the latest Coingecko update, DOGE was trading at $0.1005 at press time, reflecting a 0.8% decline over the past 24 hours and a similar drop over the week.

Historically, tech billionaire Elon Musk has played a pivotal role in boosting 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 shifted dramatically. 

Musk refrains from promoting DOGE

Despite emerging victorious in the legal battle, as affirmed by U.S. District Judge Alvin Hellerstein’s ruling on 29th August, Musk has remained cautious about promoting the memecoin.

At a recent X Takeover event, Musk advised the public against trusting any cryptocurrency projects that leverage his image or name, warning that such ventures are likely fraudulent.

He emphasized, 

“I’m not going to be promoting crypto — at most, in a joking way,” the billionaire said. “If you see me pumping crypto, it’s not me. I do think there’s merit in Bitcoin and maybe some other cryptos, and I’ve sort of got a soft spot for Dogecoin, because I like dogs and memes.”  

Given Musk’s recent stance, it appears the market may be on its own.

That being 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