Is Elon Musk losing his influence in the crypto space?

For the first time, Elon Musk’s tweets have no impact on dogcoin.

The billionaire had earlier tweeted about dogcoin. But this time, dogcoin didn’t react accordingly.

In fact, since Elon Musk’s tweet, the price of dogcoin has fallen 2%.

Elon Musk is known for his tweets that push up the price of dogs. His tweets have single-handedly pushed up the price of dogcoin by over 20,000%.

The price of dogcoin would skyrocket minutes after each of his relevant tweets over the past few months. This led to concerns about insider trading and did not yield any useful results.

Now, Elon Musk’s tweet didn’t change the price of dogcoin. elon musk tweeted “let the dogs go” but dogcoin didn’t fluctuate.

Is Elon Musk losing his influence in the crypto space?

This begs the question, has Musk lost his influence over Dogcoin?

Musk seems to have stopped tweeting about dogcoin since May. After his last tweet update at the end of May, Musk stopped tweeting about dogcoin altogether.

No one exactly knows the reason for the hiatus, but during that time, Tesla announced it was stopping accepting Bitcoin payments. And Musk, who is Tesla’s CEO, clarified that this happened because of the environmental impact of bitcoin mining.

As these and other negative news came out, the crypto market plummeted. The crypto market fell across the board, and dogcoin was not spared.

Investors began calling for the billionaire to continue tweeting about dogcoin. So far, the dogcoin has lost more than 60% of its all-time high value, but Musk seems reluctant to keep talking about it on Twitter.

Dogcoin had risen sharply to $0.80 and then dropped back to below $0.20. Dogcoin is currently trading in the $0.20 range before receiving a return above $0.20 after making a small correction.

Near the end of June, Musk once again tweeted his support for Dogcoin. The CEO had earlier tweeted about ShibaInu, a coin that pays tribute to dogcoin. But the tweet could be interpreted as an endorsement of SHIB, a tribute to dogcoin.

Is Elon Musk losing his influence in the crypto space?

On June 28, Musk tweeted support for the Dogcoin upgrade posted by software engineer Ross Nicoll.

This actually had some impact on the market, with the price of dogcoin rising slightly after the tweet, but not very dramatically.

Now, Musk’s latest tweet seems to have had minimal impact on the market, and one might even think it had a negative impact.

It could be that the market is not ready for the next bull market, or that investors are finally realizing that one person’s tweet should not be a factor in deciding whether they buy or sell crypto assets.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/is-elon-musk-losing-his-influence-in-the-crypto-space/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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