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- A Shiba Inu executive, Lucie, has argued that no crypto exchange can pump coins, and Elon Musk cannot pump Dogecoin (DOGE).
- Lucie further criticized crypto exchanges for disregarding investors’ safety by listing tokens that could disappear in a month.
Shiba Inu’s marketing lead, Lucie, has launched a scathing attack on centralized exchanges, criticizing their over-ambitious goals hinged on raking in profit rather than subjecting tokens to rigorous scrutiny.
According to Lucie, some exchanges fail to embark on due diligence as their priority is not bordered around the safety of investors, listing tokens that have the potential to crash or disappear in a month or a year. Per her observation, these platforms usually ignore high-potential tokens backed by solid blockchains.
Ugly truth
Some exchanges don’t care if a token won’t exist next year, or even in a few months. If there’s a high-potential token backed by a solid blockchain, they still won’t list it unless you pay them. It’s all about business now—integrity in this market is no longer part…— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 16, 2024
On top of that, Lucie questioned the rationale behind the “payments before listing” initiatives perpetrated by these renowned exchanges. To her, it is more prudent to promote Decentralized Finance (DeFi) since exchanges do not care.
Why pay for a listing? Tokens listed recently are down 30-50% from the time they hit the exchanges. We should focus on educating and spreading the word about DeFi. If exchanges really cared, they would support good projects and not just chase the flavor of the week. Let’s push for real growth, not quick fixes.
Lucie Speaks on the Bull Market
In a separate post, Lucie admitted that the crypto market has been subjected to unhealthy manipulation with “everyone playing their games.” Regardless, she also admitted that she believes in the upcoming bull market. According to her, no exchange has the power to pump coins. She also clarified that “not even Elon Musk can pump Dogecoin (Doge).”
The mention of Doge and Musk has triggered a new wave of speculations in the market as this statement coincides with the recent decline of the price of the meme coin. According to our data, Doge has struggled to sustain its $0.100 support level as it has declined by 19% in the last 90 days.
Regardless, a technical analyst believes that a bullish breakout is in sight as the meme coin nears the conclusion of its falling wedge.
Musk and His Doge Involvement
Musk has historically played a pivotal role in Doge’s price movement in the last few years, with related tweets shifting bearish sentiments to bullish ones. Due to his influence, most crypto projects have leveraged his name or image to promote their assets. However, Musk has issued warnings to that effect.
I’m not going to be promoting crypto — at most, in a joking way. 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.
In our recent report, Musk was “dragged” to court by a group of investors for allegedly defrauding them through a series of manipulative tweets. However, the court dismissed the case, stating that “no reasonable investor” would make an investment decision based on those tweets.
