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Where is the crypto market heading, and why Elon Musk has a new favorite doggo? Exclusive opinions by traders & degens

Tanja Nechet

News editor

Feb 17, 2023 at 04:25

This week, after another fall, almost all cryptocurrencies showed growth. Only the lazy ones did not profit. The Floki Inu (FLOKI) meme token was especially strong (again). What’s going on with the crypto market, and how is Elon Musk affecting FLOKI? We discussed this with crypto experts and degens. Here’s what they think about it.

Sir Doge of the Coin – crypto investor and enthusiast (77.7K Twitter followers)

I have no comment on tokens that were created just to pump off Elon Musk’s tweets. The nuance between Doge and Elon is that he supports it by having fun, without necessarily directly pumping the price. On the other hand, tokens like Floki Inu were created after Elon named his Shiba Inu in the hopes it will pump every time he shows/mentions his dog.

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Dick Whitman – Bitcoin expert and young global leader of the Bitcoin Economic Forum (3,7K Twitter followers)

First of all, there is no real “crypto” market. The 99% of the (non-USD pegged) “crypto” tokens are effectively leveraging Bitcoin’s market price; as they are heavily collateralized with bitcoin on exchanges. So, when the BTC/USD price goes up, many of the so-called altcoins will go up with it. This helps create the illusion of a “broader crypto market”, when in reality, nothing will ever sustain any long term growth against Bitcoin.  Many exchanges make money when people are buying and selling different tokens; rather than just saving in Bitcoin. This is why they collateralize everything with Bitcoin. The likely reason Bitcoin’s dollar price went up today is due to the CPI print.  Bitcoin is currently being (inaccurately) traded by Wall Street as a “risk on” asset.  So, the lower CPI print led to buying of risk assets big big traders, since Wall Street believes the lower CPI will lead to the Fed slowing their interest rate hikes.

I pay no attention to Elon Musk playing games by tweeting about altcoins. The people who trade based on stuff like this are going to end up with less Bitcoin in the end. Things like “Floki coin” have such an absurd supply and such low liquidity/trading volume that it takes very little activity to move the price up and down. But, the percentage “gains” shown are not accurate, as the USD price is not liquid. If you sold any significant amount, you would drop the price before you can get those gains. It’s not real market price. It’s a “last trade price”This is the price at which the latest or most recent trade occurred.. Note: Elon Musk doesn’t have the problem of needing an alternative savings vehicle like Bitcoin. Most of the world needs Bitcoin and an immutable fixed supply of money. They just don’t know it yet in many first-world nations. So, Musk is fine being irresponsible and playing games with the public.

Metastract – French artist, NFTs creator, and collector (29K Twitter followers) 

Certain key levels have been crossed; [it’s] been a long time since we went back up, which can reassure investors. Just like when the market is down and we can see panic sells, a rising market attracts [both] old and new investors. Beware, however, of the 25k level of Bitcoin that had served as resistance in August.

Since Elon Musk [started pumping] DOGE, many investors are looking for the little details on each of his tweets to make a good move. If you see him eating a banana, bet on banana coin; if you see him going to the toilet, bet on poocoin. It’s kind of fun to see some token pump based on a tweet, but I wouldn’t advise anyone to do that. Do your own research; bet on solid currencies or projects you believe in.

Shib Alexander – a finance student in Italy, a $SHIB lover and crypto enthusiast (27K Twitter followers)

Floki Pumped +70% thanks to Elon, but also thanks to the KuCoin listing!

Fiskantes.lens – crypto trader and investor with 3+ years of experience (80K Twitter followers) 

Two days is too short term of a time frame to say anything meaningful about the crypto market.

People are dumb and like to trade memes, but I would expect Dogecoin to pump since Elon likes Dogecoin and not Floki.

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