In the turbulent crypto market, a piece of news hit like a massive stone thrown into a calm lake, instantly creating waves. Musk merely uttered "Doge is unrelated to the government", and Doge (DOGE) price plummeted like a kite with its string cut, sharply dropping 5% and quickly falling to the critical life-or-death line of $0.16. This sudden price avalanche not only caught countless investors off guard but also exposed the hidden crisis in the MEME coin market.
Musk's "Backstab" Event Triggers DOGE Crash
- 2 hours before the announcement, whale addresses collectively sold 1.27 billion coins, accounting for 4.2% of circulating supply, with a holding cost below $0.05, realizing profits over $200 million, the "celebrity endorsement - whale selling - retail bag holding" routine played out once again.
DOGE Ecosystem Decline
- Developer activity decreased, GitHub code submissions reduced by 68% year-on-year, with only 3 core developers remaining.
- Community fragmentation intensified, Telegram group activity dropped to 19% of peak, over 50% of discussions shifting to rights protection and conspiracy theories.
- Technical stagnation, no major feature updates since December 2023, block processing speed remains 1 minute per transaction.
More dramatically, Doge's founder has long since chosen to cash out. Now, the founder makes a living running a used car dealership, while numerous retail investors remain trapped at the $0.74 high, painfully awaiting a chance to break even. This stark contrast is like an absurd black comedy, ruthlessly piercing every investor who has been "harvested".
In fact, such scenarios are not coincidental. Internet celebrity shilling has long been a dangerous signal for harvesting retail investors. Crypto giants like Musk and Justin Sun, with each of their promotional actions, seemingly endorsing a token, actually hide the purpose of selling. They leverage their massive influence to attract retail investors to follow the trend, and once the price is raised, they quickly sell their tokens, leaving behind those who chased high prices shivering in the market's cold wind.
MEME coins, a cryptocurrency rising through internet culture and social heat, fundamentally lack actual value support. Most MEME coins have no clear application scenarios or sustainable development models, merely maintaining prices through market sentiment and hype. This destines their fate - going to zero is just a matter of time.
Apart from mainstream cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) with strong technical capabilities, broad application scenarios, and stable community support, other Altcoins, especially MEME coins, are mostly like "pumping machines", continuously draining investors' wealth. They attract retail investors through carefully designed routines, then instantly rob their assets.
Solana's rise and fall is the best evidence. Once, Solana became a MEME coin incubator with low gas fees and high speed, attracting massive speculative funds. However, as market fever subsided, Solana's network revenue plummeted 93%, DApp revenue evaporated 86%, and total locked value nearly halved. This cruel reality clearly shows that when speculative bubbles burst, MEME coins lacking value support will be quickly abandoned by the market.
In this crypto game full of temptations and traps, investors must maintain a clear mind and recognize the nature of MEME coins. Do not be deceived by momentary wealth myths, and do not blindly follow trends. Only then can one avoid being "harvested" and preserve wealth in this complex and volatile market.
In the turbulent crypto market, a piece of news hit like a massive stone thrown into a calm lake, instantly creating waves. Musk merely uttered "Doge is unrelated to the government", and Doge (DOGE) price plummeted like a kite with its string cut, sharply dropping 5% and quickly falling to the critical life-or-death line of $0.16. This sudden price avalanche not only caught countless investors off guard but also exposed the hidden crisis in the MEME coin market.
Old Chen wishes everyone quick wealth!
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