Elon doesn’t matter…
Many people complain about Elon Musk and his tweets, but he is not really responsible for the dump — newbies are.
During recent bull market a lot of new people joined crypto because of the FOMO, not because they understand the fundamental technology behind bitcoin and alts, the technology that can bring a financial freedom to the world without barriers.
The pump of DOGE and SHIB (and many other shitcoins) shows that these new money on the market were not from enlightening people, they were from people, who wants to earn easy money in short time without doing anything. Those people are now panic selling their assets because of the first correction they ever seen and fudding every single crypto community, while whales are buying more with a good discount.
Bull run cannot continue forever, there are always corrections, you should get used to them and be prepared. When the price overreach the technology behind it you should be ready for a correction. Despite the fact that Bitcoin’s value has been proven over years it doesn’t mean BTC can naturally grow to the moon in short time (of course it can, but not for too long).
The pump is only half of the success, what really matters is to keep that price in long term, and sometimes there are not enough fundamental reasons for that price. Over time investors start understand that and selling their assets, causing dump. For top blockchain projects it is only a matter of time before they reach new ATH, and dump is a good option to buy cheap, but many tokens/coins will never be capable to achieve previous success in future, because they were overvalued.
With corrections, the market gets rid of weak projects and investors, which strengthens its stable growth in the long run. Less short-term speculation = less panic selling and price drops in the market (but less pumps as well).
If you’re planning to be rich you should do your own research about the market and technology and pay less attention to what others say (despite the fact that this can be useful as well).
If you’re good enough at trading you should buy low/sell high, but if you’re not good at trading — long term HODL is a good option. Simply by hodling crypto for years you can earn some money + many altcoins has staking programs, so you can have passive income even on the bear market.
Summarizing, we do believe in the long-term value of the blockchain technology due many reasons and its value has been proved over the past years many times. It’s only a matter of time for the crypto to be massively adopted, but without proper understanding of the market even on the good green bull market you can be the one dropped out of market, losing all your money. Educate yourself, knowledge is a true value.
This article is not investment advice and its authors only comment on the situation on the cryptocurrency market due to their own experience and understanding. Always do your own research and make decisions being aware of risks.
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