Analysis: Musk may bring strong tailwinds to altcoins

2024-12-05 20:32:38

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ChainCatcher news, according to Jinshi reports, the cryptocurrency market has recently seen a new wave of speculation due to Trump's appointment of Musk to lead the new Department of Government Efficiency (DOGE). The acronym DOGE is Musk's creation, intended as a tribute to the mascot of the digital currency Dogecoin (DOGE), which he is also obsessed with.

Futurist and cryptocurrency investor Armando Pantoja stated, "Musk is good at subtly hinting at his affection for Dogecoin," referring to Musk's support for the token, which is evident in his appearance on Saturday Night Live and his statements on social media.

Armando Pantoja predicts that retail investors will return to the cryptocurrency market. He said, "Retail investors have been absent from the crypto market for two years; they will open accounts and re-engage." He emphasized that well-known assets like Dogecoin and Shiba Inu could drive market trends. He pointed out that investors can anticipate opportunities based on Musk's actions, which often become catalysts for the market.

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