From Elon Musk to Ngoc Trinh: Virtual currency fever is full of pitfalls

Starting to expose the crypto market sharks that small investors if not careful will easily become lucrative prey for them.
when the Elon Musk On the second most popular television talk show in the United States to talk about virtual money, the crypto market has seen an unprecedented explosion. Except for Bitcoin, other virtual currencies all set new records and recorded the highest capitalization in history of $ 2,400 billion, surpassing both Apple and Amazon.

The constant influx of money into cryptocurrencies has a huge impact on billionaires who run SpaceX and Tesla, who identify themselves as Dogefather (roughly translated: The Godfather of Dogecoin). And if the market crashes, Elon Musk said people could call themselves Elongate, a reference to the Watergate scandal that led to the resignation of 37th US President Richard Nixon. Both Dogefather and Elongate have become virtual currency projects attracting thousands of investors with tens of millions of dollars frantically pouring into projects still on this paper. That’s not to mention the effect that Elon Musk created earlier that made another satirical virtual currency, Shiba Inu, also skyrocket in value. Mark Zuckerberg named his goats Max and Bitcoin, immediately fueling the zoonotic crypto craze. But Elon Musk is not alone, the 50-year-old billionaire will soon feel his shark position being violently shaken by characters who are not less popular. Mark Zuckerberg in a recent post with a very simple caption “My goats: Max and Bitcoin” has fueled the fever of fauna virtual money. In just a few hours, anonymous and worthless virtual currencies such as Pig Finance, AquaGoat, Akita Inu or Pitbull suddenly increased in both value and trading volume. The up and down momentum a few times like this is a true reflection of what’s going on in the world of cryptocurrencies, where small investors (called fryers) are buying and selling massively based on celebrities (yes probably the shark) mentioned. It all stems from the fear of missing an opportunity, a term that is extremely popular in the world of cryptocurrency players called FOMO status. By FOMO, a worthless satirical virtual currency Dogecoin has gone from zero to the fourth largest cryptocurrency in the market with a peak cap of $ 90 billion. Dogecoin, after a series of pump & dump fluctuations and sharks is currently trading around the $ 0.50 mark corresponding to a market cap of around $ 66 billion. Very soon, however, another emerging candidate appeared to threaten the Dogecoin dog’s position, which is the Shiba Inu. Just being listed on the world’s largest exchange, Binance, Shiba Inu has dramatically increased in value with a cash flow of nearly $ 20 billion after 24 hours. Ngoc Trinh also joined the virtual money game with a series of bold PR status statuses. Following this craze is not only the technology world, but also art activists like Cao Thai Son. In recent days, the voice of Rain Road not only constantly mentioned virtual money but also livestreamed to show fans how to wisely invest in the virtual money market. But when Cao Thai Son has not revealed how much money to invest in this market, another Vietnamese “shark” has revealed, that is Ngoc Trinh. In just one red afternoon, “the queen of underwear” immediately posted four lines of status referring to virtual money, in which a status showed off a (fake) account with more than $ 10 million, including nearly $ 900,000 invested in virtual currency Shiba Inu. Removed the latest status because of being exploited to borrow someone else’s account, Ngoc Trinh’s four consecutive status lines still attracted tens of thousands of likes, thousands of comments and shares. Although it was confusing and was judged as a PR trick, Ngoc Trinh still showed the height of the hand of a person controlling the game, leading the fry by writing simple, easy to understand correct style “no money. land to eat ”. At the same time as Ngoc Trinh, on the other side of the hemisphere, billionaire Elon Musk, as usual, continues to have a turbulent tweet when he makes a poll to ask people if they want Tesla to accept payment by Dogecoin coin or not. Currently, 76% of respondents said yes. But again, investors need to be wary of their own pockets, not chasing celebrity calls if they don’t want to be victims of this zero-sum game.