Tesla and SpaceX CEO Elon Musk’s power over the cryptocurrency decreases in the market. Musk’s tweet lost the fame to be a deciding factor over the prices of these digital assets.
Crypto industry always has an effect on the tweet from the founder of Tesla. Musk’s twitter post enabled the coins to skyrocket or even plunge in the crypto market. The investors and the traders now feel this influence of Musk is lost over crypto.
For instance, Musk shared Tesla’s investment of $1.5 billion in Bitcoin and announced to accept payments for its electric cars and other products. This tweet pumped the price of Bitcoin more than 10 percent. Similarly, bitcoin price rose to 18% when Musk added “Bitcoin” to his twitter bio. In February, Musk tweeted, DOGE could be the future of cryptocurrency. The price of the meme-coin (DOGE) jumped over 50% within 24 hours.
Besides, Musk planned to pump the price of a certain coin with his tweet. Last Friday, Musk’s tweet about the “Baby Doge” increased the value of the coin by 130%. The tweet depicts the viral video in youtube titled “Baby Shark Dance.”
Baby Doge, doo, doo, doo, doo, doo,
— Elon Musk (@elonmusk) July 1, 2021
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge
Musk loses his Crypto Credibility
However, the CEO of Tesla is losing his reliability in the crypto market. Notably there are some instances where he failed to be a deciding factor over crypto. The event of SNL in May organized by Musk created a huge hype for the meme-coin. The event let the users down with a fall of 25% in the price of DOGE. Despite multiple shouts from Musk the value of DOGE dropped. Another instance, Tesla suspends payments through Bitcoin due to great cost involved in bitcoin mining and transactions. This negative tweet declines 35% in the price of $BTC.
More so, Robinhood recently reported DOGE accounted for 34% in its crypto trading in the first quarter. Also says that it can affect the business if the price of dogecoin suddenly falls.
However, Musk’s recent tweet on July 2 failed to create an impact on the crypto price. The tweet explains, a man who ignores attractive women around him and only focuses on DOGE’s exchange rate. This indeed did affect the price of DOGE and remained the same in the market.
In addition, Crypto analyst Larry Cermak and founder of Quantum Economics Mati Greenspan replied to Musk’s tweet in a funny way.
Not even visible on the daily chart anymore. Barely noticeable on the 4h. pic.twitter.com/OYunic3Hed
— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) July 2, 2021
Therefore, the crypto community must have grown tired of Musk’s tweets. Thus, it shows that investors are no longer interested to listen to one man’s opinion to buy and sell their crypto assets.
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