Did Elon Musk Lose his Power to Control the Crypto Market?

  • Previously every time Elon Musk tweeted something about the crypto ecosystem it used to move either negatively or positively.
  • Through his constant comments, he managed to propel DOGE price, a meme cryptocurrency, to rank it at the 8th position by market capitalization.

Just three months ago every tweet from Muck had an immediate effect. However, what was a trend seems to have been forgotten …

The creator of Tesla and Space X has more than 50 million followers on Twitter, his favorite social network, and from there he fueled the growth of Dogecoin, his preferred cryptocurrency. It took it to the all-time high of $ 0.7376 with positive messages like SpaceX would literally put DOGE on the moon.

Then, after announcing that Tesla would not accept Bitcoin as a means of payment for its anti-environmental mining policy, the reverse path was taken. Everything that went up came down. And the desire for “to the moon” vanished like magic. Today DOGE is only worth $ 0.1888.

Aware of its power, Musk did not stop writing about cryptocurrencies. This, of course, turned him from the leader of the crypto movement to enemy No. 1 in a matter of days: his actions largely contributed to many becoming suspicious of digital assets.

However, his latest messages did not impact the ecosystem, so Musk may have lost his power.

Messages from Elon no longer have an impact

The second richest man in the world according to Forbes replied a message to a follower, who wrote that Television, the camera/screen that the company’s electric cars have, recognizes dogs.

” Maybe if you see a Shiba Inu, the car shows a Dogecoin, ” Elon posted jokingly.

What might have been an explosion at another time did not have its effect. DOGE went from $ 0.2008 to $ 0.206 before continuing its bear cycle again. The messages became so common that the responses no longer happen …

Musk’s first messages about DOGE had an impact on its price as the digital asset rose to more than 100%, with a market capitalization of $ 86 billion dollars. It is worth remembering that it is a cryptocurrency that was born as a meme, without a project behind it such as Bitcoin or Ethereum.

Over time, that 100% was dramatically reduced to today. Did Musk benefit from your positive messages and launch some negatives to make money? It is not known, but everything invites us to think that yes, there was manipulation. Although this is still more than a theory.

Elon Musk maintains his support for DOGE

Beyond the controversy, Musk is committed to Dogecoin and at the beginning of July, he expressed his support for the next update that the network will have, which will allow fees to be even cheaper and transactions even faster. It even placed meme coin ahead of BTC or ETH, accusing the lack of scalability of the most powerful in the market.

The Tesla CEO’s magic wand appears to have run out of effect. Will new tricks arrive, will he have an ace up his sleeve? In no time it will be known. Meanwhile, the market continues its course without listening to Musk too much.


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