Elon Musk fails in attempt to drive Dogecoin price up
Elon Musk’s influence on crypto coin investors’ sentiment appears to be diminishing. At least that is apparent from his latest tweets about Dogecoin.
Its effect was completely absent. That is remarkable since tweets from Musk have caused the price of Dogecoin to explode several times in recent months, sometimes rising 50 percent in one day.
Elon Musk had a huge influence on the ups and downs in the crypto world in recent months. Several times his tweets caused the price of bitcoin to explode or crash. This was also the case with Dogecoin.
Dogecoin originated in 2013 as a joke but has been so successful that investors have increasingly come to see it as an alternative to bitcoin in the past year. The coin is named after a meme, a funny picture circulating on the internet featuring a Shiba Inu dog.
In February, a tweet from Musk boosted Dogecoin’s value by 50 percent. The price also reacted violently with other tweets.
Since the peak in May, the price of Dogecoin has fallen. On Thursday, the Tesla boss tweeted about Dogecoin twice, but the effect was not forthcoming. Today (Friday), he tweeted again, but the price of Dogecoin is actually falling.
‘Release the Doge!’
First, Musk placed the words “Release the Doge!” a picture in the theme of the famous mafia movie ‘The Godfather’. His tweet received more than 120,000 likes, but the price of Dogecoin rose by only 4 percent according to Forbes – negligible for Dogecoin.
A second message immediately followed for his 57 million followers, again in the well-known cryptic style of the Tesla CEO. But that message, a reference to the well-known ‘Baby Shark’ song, had no effect on the price of crypto coin Dogecoin.
On Friday, Musk tweeted about Dogecoin a third time. This time it’s a meme that depicts a man ignoring the feminine beauty around him to focus on his computer. On its screen are the words ‘polytopia’ and ‘dogecoin’.
Musk has been criticized for his tweets about cryptocurrencies in recent months. Some accuse him of market manipulation or even call his behavior criminal. Some Crypto traders see the failed attempts to send Dogecoin up as a possible sign that the power of Elon Musk within the crypto world is declining sharply.
