Dogecoin and Wolong Manifesto

Quite a few people have mentioned Wolong’s Manifesto to me as a reason why the price of Dogecoin was being manipulated. While there is certainly the possibility of Dogecoin being manipulated and the essay that Wolong supposedly wrote is legit, it was a lot easier to pull off in his day than it is today. However, that does not mean Dogecoin is not being manipulated. The price is being moved, although not for gains. The manipulators actually made the graph of Dogecoin actually look like a dog sometime during the last few days which makes me think that half the reason they are doing it is for shits and giggles. This would be a ridiculous statement for any other cryptocurrency, but if you’ve hung around the Dogecoin community, you’d understand why this theory isn’t really that crazy. Otherwise I do believe the big wallets are just keeping prices even right now and waiting for the next big piece of news that drives market sentiment. I don’t think they are micro-selling due to the size of the wallets over the last few days but they may be accumulating a little.
Wolong’s strategy of micro selling out and setting what looks like floors and ceilings works very well when there’s only one place in town to trade(MT Gox in his time) because then you only have to control the price at one exchange. Now, it is much harder to pull off because there are so many exchanges that list Dogecoin. People have been pointing at the Fee-less platform Robinhood, but you can’t control the market just by controlling Robinhood. There’s millions of dollars going through other exchanges like Gate.io, Bittrex, and Poloniex and you’d have to control there as well. You also have to coordinate it so the prices don’t differ at the various exchanges because if it does, people are going to swoop in and take advantage of you on the difference in price so it is much harder to manage today than it was back then. Also, the market has grown a lot during the 5 or 6 years between Wolong and today so market sentiment is more powerful today than it was then. Most likely, the whales are just trying to keep the price even for Dogecoin right now until they get the next piece of news regarding Dogecoin and then they will make their move afterwards. Even for the whales, pushing against overall market sentiment is a dangerous and costly thing to do.

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