Elon Musk no longer has an effect on the price of Dogecoin
2 min read
Today Elon Musk tweeted for the umpteenth time in favour of Dogecoin (DOGE), but the cryptocurrency had no effect and its price remained stable as if nothing had happened.
Surely the CEO of Tesla, now that he has started his fight against BTC, has lost credibility in the crypto market and therefore it was to be expected that his praise of Dogecoin could start to have no effect on traders.
On the other hand, his back-and-forth between pro and anti positions with regard to BTC has not had a positive effect on the price of BTC nor on his reputation in the crypto space.
Of course, it must also be said that today’s Twitter post about Dogecoin was nothing relevant, but just a sort of song dedicated to DOGE along the lines of that of the Baby Shark project.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge— Elon Musk (@elonmusk) July 1, 2021
The price of Dogecoin
In reality, even on 29 June, when Elon Musk tweeted in support of the new proposal to change DOGE’s fees, the price of crypto had remained stable at $0.2. This is a loss of more than 300% since its all-time high of 73 cents on 8 May.
Dogecoin had a small price shift during the last week, recording a +5% compared to last Thursday, but this is a rather ridiculous percentage for what we are used to seeing in the crypto world and especially compared to the loss recorded.
In any case, it must certainly also be said that the entire cryptocurrency market is in sharp decline compared to a few months ago, but not even Dogecoin is an exception despite Musk’s tweets.
Has Elon Musk’s influence in the crypto world (finally) stopped?
The post Elon Musk no longer has an effect on the price of Dogecoin appeared first on The Cryptonomist.
