Dogecoin has made an insane rally in 2021. From a little less than a cent, the price has risen to $0.74 in the meantime. The upswing was mainly reinforced by Tesla CEO Elon Musk, for whom DOGE is the favorite currency. Now his new tweets show that his influence on the Memecoin price is fading.
In the past, Elon Musk influenced the crypto market extremely. After a strong boost from Tesla’s acceptance of Bitcoin, Musk’s statements about bitcoin’s energy balance irritated many investors. In May, the automaker, therefore, decided to stop accepting Bitcoin as a means of payment. China is also using this argument to close Bitcoin mining centers.
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Dogecoin tweets remain without effect
Several tweets from Musk on Dogecoin, in which he reiterated his support for Doge, were able to increase the Doge price by around 10 percent for a few minutes, but this did not last long. The price went back to the original level shortly thereafter. Doge is currently trading at around $0.245. Before the tweets, it was only marginally less at $0.239.
Already in recent weeks, Elon Musk’s statements showed significantly less impact on the price of cryptocurrencies. If Musk was still popular in the crypto community at the beginning of the year, many investors are now no longer well spoken of the 50-year-old entrepreneur. In particular, his change of heart regarding the acceptance of Bitcoin as a means of payment met with incomprehension. Had Musk not exposed himself enough to Bitcoin in advance?
Musk coming soon to Bitcoin event?
A few days ago, Elon Musk and Jack Dorsey had arranged a conversation about cryptocurrencies at the event “The B Word”. The event is aimed primarily at institutions. Whether this conversation will reaffirm Musk’s role in the crypto world remains to be seen. At the moment, the crypto market, which is very volatile anyway, cannot be strongly influenced by the statements of a single person, at least.
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