“Shiba Inu Exec: Even Elon Can’t Boost DOGE Amid Exchange Issues”

Lucie reveals the manipulation and lack of transparency in centralized crypto exchanges.
Musk steps back from endorsing DOGE, hinting at possible market changes.

In the midst of growing caution in the cryptocurrency market, as highlighted by CoinMarketCap’s latest fear and greed index, Shiba Inu’s [SHIB] chief marketing officer Lucie has unveiled troubling realities regarding centralized cryptocurrency exchanges.

Source: CoinMarketCap

In her update on X, Lucie addressed the frequently obscure and occasionally questionable practices related to the onboarding of new tokens on these platforms.

Lucie sheds light on centralized exchanges

Her findings raised serious concerns regarding the integrity and openness of these exchanges, calling for stricter oversight in a setting where investor trust is already tenuous.

She stated,

Source: Lucie/X

In her series of posts, Lucie further criticized the crypto market for its excessive manipulation, exposing a scenario where numerous stakeholders pursue their individual goals, often compromising transparency and fairness.

She added,

“I continue to have faith in an impending bull market, but if you observe the politics, no exchanges are actively promoting coins, and not even Elon Musk can elevate Doge.”

These recent disclosures have particularly unsettled the Dogecoin [DOGE] community, coinciding with a decline in the price of the meme-based currency.

Current trend of DOGE

As per the latest Coingecko report, DOGE was priced at $0.1005 at the time of this update, indicating a 0.8% decrease over the previous 24 hours and a comparable fall over the week.

In the past, tech mogul Elon Musk has significantly influenced DOGE’s price through his social media presence, frequently turning downturns into upswings.

However, following accusations of insider trading and investor fraud tied to Dogecoin, which led to substantial financial damage, the situation has transformed dramatically.

Musk withholds DOGE promotion

Although Musk emerged victorious in the legal proceedings, as confirmed by U.S. District Judge Alvin Hellerstein’s ruling on August 29, he has remained cautious about endorsing the memecoin.

During a recent X Takeover event, Musk cautioned the audience against trusting any cryptocurrency projects that exploit his identity or reputation, implying that such initiatives are likely fraudulent.

He stated,

“I’m not going to promote crypto — at most, just in a joking manner,” the billionaire asserted. “If you see me endorsing crypto, it’s not me. I do believe there’s value in Bitcoin and perhaps some other cryptos, and I have a bit of a fondness for Dogecoin, as I appreciate dogs and memes.”

With Musk taking this recent position, it seems the market may need to navigate these waters independently.

Additionally, AMBCrypto’s examination of data from IntoTheBlock indicates that 70.99% of Dogecoin holders are “in the money,” while 26.56% are “out of the money.” This data hints at a possible bullish trend for DOGE in the near future, despite the ongoing market fluctuations.