Is Elon Musk losing his influence in the crypto space?
For the first time, Elon Musk's tweets had no effect on Dogecoin. The billionaire had earlier mentioned Dogecoin on Twitter. But this time, Dogecoin did not react accordingly.
In fact, the price of Dogecoin is down 2% since Elon Musk’s tweet.
Elon Musk is famous for pushing up the price of dogs on Twitter. His tweets single-handedly boosted the price of Dogecoin by more than 20,000%.
The price of Dogecoin would skyrocket minutes after each of his relevant tweets over the past few months. This led to concerns about insider trading without producing any useful results.
Now, Elon Musk's Tweet Didn't Change Dogecoin's Price. Elon Musk tweeted "release the dog" but Dogecoin did not have any fluctuations.
This begs the question, has Musk lost his leverage over Dogecoin?
Musk appears to have stopped tweeting about Dogecoin since May. After his last tweet update in late May, Musk stopped tweeting about Dogecoin altogether.
No one knows for sure the cause of the outage, but during this time, Tesla announced that it would stop accepting bitcoin payments. And Musk, who is the CEO of Tesla, clarified that this happened because of the environmental impact of Bitcoin mining.
Following these and other negative news, crypto markets plummeted. Crypto markets are down across the board, and Dogecoin has not been spared.
Investors started calling for the billionaire to keep tweeting about Dogecoin. So far, Dogecoin has lost more than 60% of its all-time high value, but Musk seems reluctant to continue talking on Twitter.
Dogecoin rallied sharply to $0.80 before falling back below $0.20. Dogecoin is currently in the $0.20 range before making a small correction to receive returns above $0.20.
Towards the end of June, Musk once again tweeted his support for Dogecoin.The CEO had earlier tweeted about ShibaInu, a coin that pays homage to Dogecoin. But the tweet could be interpreted as support for SHIB, a tribute to Dogecoin.
On June 28, Musk tweeted support for the Dogecoin upgrade posted by software engineer Ross Nicoll.
In fact, this has a certain influence in the market,Dogecoin Price Slightly Up After Tweet, But Not a Huge Growth。
Now, Musk's latest tweet appears to have had little impact on the market, and one might even consider it negative.
It could be that the market isn't ready for the next bull run, or, investors are finally realizing,The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.。
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
