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Musk’s favourite crypto doubles in value, skeptics issue warning

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of Despite a slight improvement over the past seven days, one digital token has seen its value drop by 2 as experts warn against “false optimism” created by one billionaire’s endorsement of assets. I doubled it.

Dogecoin (DOGE) Rises Nearly 100% to $0.12, Eighth Largest To cap (m cap).Elon Musk’s love for DOGE and the fact that cryptocurrency prices skyrocketed after he announced the acquisition Concerns about crypto regulation have revived.

“Given that masks are a common thread, Dogecoin excitement is reflected in the price increase,” said Vivek Iyer, partner at Grant Thornton Bharat.

“Crypto is not for the faint of heart and even if it has a heart of steel, it is becoming more and more integrated with the rest of the ecosystem, so regulation is necessary in terms of customer protection,” he said. I got

Musk Acquisition for $44 million on Friday. Shortly after the deal was signed, DOGE rose from $0.08 to $0.14, to $19.7 billion. At the same time, the jump was out of place as other major tokens such as Bitcoin, Ethereum, Cardano and Solana continued to perform poorly.

At around 2pm on Monday, DOGE was trading at $0.116. $15 billion, according to data tracked by Coinmarketcap .

“Thousands of coins that were ‘hot coins’ are dead today, It gives people false optimism,” said Gaurav Mehta, founder of blockchain auditing and taxation startup Catax.

“As a result of Elon Musk advocating Dogecoin, the value of his brand has permeated the world. and cause price spikes. He tweeted ‘Governor howling at the moon’ and the price jumped to 20% of his, this is a very dangerous trend that will polarize financial markets,” he said.

Some reports have emerged that Musk may consider accepting payments on Twitter via Dogecoin.

Edul Patel, CEO and co-founder of crypto investment platform Mudrex, said:

DeFi removes centralized institutions such as central banks and governments from financial transactions. Transfers can be made directly from your digital wallet. Cryptocurrencies were based on the concept of DeFi. However, it is unclear whether such price fluctuations are as “diversified” as they claim to be.

“Promoting such coins and utilizing them for pump-and-dump schemes in events such as the acquisition of Twitter is an ‘abuse of digital power.

“Financial authorities must pick up the game and accelerate the fight against high-tech feudalism to protect the sovereign financial system and most importantly tech-savvy investors from false promises,” he said.

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