Sorry, if you are defending Elon's careless actions, you are wrong IMO.
Sure, anyone can do anything they want.
HOWEVER, this was ALL manipulation from the start, just like with $TSLA. He is a master at this. He does not care about you, #crypto, or anything else but himself.
You think he is a 'man of the people?'. While this dip does not effect me at all because I can HODL, and don't use heavy leverage, you should see the carnage in my DM's. Now, you will say it's 'their fault'. Is it? He endorsed $BTC and pulled a lot of people who invested
their savings, not leverage, because they believed him, do they deserve to be hurt now? Do they need to be confused? He said $BTC was solid (because it pumped his stock), then dumped it for some carbon credits and to promote his own agenda, $DOGE.
True #crypto investors understand it's value and place in society, BUT, he pulled a lot of retail investors in who do not understand and are causing volatility that is hurting some.
Again, I understand we were overbought, I understand markets are volatile, etc. etc.
BUT, just like with $GME and that WSB bullshit, market manipulation by those that are powerful or have crowd sourced power is WRONG.
STOP DEFENDING HIM.
He did this for his benefit and his benefit only, just like with $TSLA accounting fraud, stop being so fucking blind.
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None of this should take your attention away from July 14, and EIP 1559.
None of Elon's bullshit changes this. $ETH will become one of the most sought after investments once this is complete IMO. Fuckhead gave everyone a gift of a dip.
With $ETH, it is almost like investing in a company. One that produces massive revenue from their product with a huge amount of growth and dominant leadership position with network effects. The network makes money, profits get distributed to stakeholders.
It's just that simple
Add to that a decreasing supply of tokens and more tokens being locked up for staking, less supply. Then factor in the APR, which will more than likely be VERY high initially, causing interest, then price to spike which will level the APR.