By Shelly Melancon (Switzerland)
Elon Musk’s attempt at giving his favorite meme-based token, Dogecoin, a strong push on Thursday ended futile. In one of his many crypto-themed tweets, he referenced Dogecoin in a veiled tweet, however, the joke token refused to respond to its master touches. The Canadian billionaire had in an earlier tweet on July 1st at about 8:43AM made indirect remarks on the token. At the time, he captioned the tweet, ‘Release The Doge’, which gave Dogecoin a little shove from $0.24 to $0.261 based on DOGE/USD.
Meanwhile, at a later time (9:24AM), the SpaceX CEO made another tweet in a bid to massively influence the token’s price. Unfortunately, the token did not budge one bit. Before the second tweet, the price of Doge had plunged back to $0.247 indicating a selling pressure by investors.
Following the second tweet, the price of Doge traded at $0.260 against the US dollar, representing a 5% increase. Without doubt, Elon Musk’s second cryptic tweet was made to cause a major uptrend in the price of the meme-based token as he had done in the past, which then placed it among the top 10 cryptocurrencies by market cap.
Elon Musk’s Influence on Crypto Market Earns Him Criticism
The Tesla billionaire had exerted a large influence on the cryptocurrency market giving him a cult-like following in the crypto community. Apart from his influence on Dogecoin, his tweets since the start of the year have affected the price of the top crypto asset, Bitcoin. In fact, announcing the discontinuance of Bitcoin payments for Tesla’s electric vehicles had seen the asset’s price tanked. Musk cited environment-based reasons as the basis of his company’s decision. Although, according to him, Tesla has a large Bitcoin holding in view of its $1.5 billion massive BTC buy earlier in March.
Also read:Musk’s manipulations on the market had earned him criticism from the global crypto community including MicroStrategy’s Michael Saylor. Moreso, he was excluded from the recently constituted Bitcoin Mining Council, still headed by Saylor. With the latest development, it would seem as if Elon’s manipulative reign on the crypto market has come to a laughable end.
Is Elon’s Influence Really Over?
On the contrary, his failed influence on Dogecoin’s price may just be a temporary phase owing to the current price correction among all crypto assets. At least, Bitcoin still retains its 46% price dominance, which could be responsible for Doge’s failed move. While it may be probable to assume that Elon has been stripped of his influence, this may not be so as the billionaire looks forward to finding value for Dogecoin in coming months.
Elon has called for suggestions from developers on a viable use case for the token. Co-founders of Ethereum and Cardano had hinted on collaborating with Elon to give Doge value. While Doge refused to budge the way Elon wanted, a similar memetoken, Baby Doge peaked by 35%. Shiba token has also been recently influenced by the billionaire.
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