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.
Read more about Elon Musk’s influence on the price of cryptocurrencies and find the most important business news with our companion app. Born2Invest mobile app makes it easy for you to keep informed, to intuitively move from story to story, and from section to section. Our clean design lets you read articles without clutter, and use the app with no limits on how many articles you can view.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTOMONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The ETF Market Reached €589 Billion in the First Half of the Year
Global indices recorded the bulk of flows in Europe with $40.5 billion (€34.3 billion) followed by the U.S. and North...
The Metaverse Is the Way of the Future, and Facebook Just Confirmed It
The metaverse is a fast-emerging reality billed to become the place where we will all live and work in the...
The Spanish Health Tech Sector is Advancing at a Fast Pace
Although the major poles of innovation in digital health are mainly in the major world powers such as the United...
Why Were Cotton Futures Lower for the Week
Cotton futures were lower last week on demand concerns as ideas of strong demand continue. The weekly export sales report...
Fed: Murderer of Markets and the Middle Class
To this point, Total non-financial debt has skyrocketed from $54.3 trillion, at the start of the pandemic, to $62 trillion...
Cannabis5 days ago
First Legal Cannabis Crop Harvested in Ecuador
Featured6 days ago
Mining Companies with High ESG Ratings Outperform the Market in Financial Performance
Business5 days ago
Is Peer to Peer Lending Safe for Investments?
Featured6 days ago
Which Financial Products Have Grown the Most in 2021?