By Shelly Melancon (Switzerland)
Earlier today, Tesla and SpaceX billionaire Elon Musk received a ridiculous request from a Twitter account with the moniker @CryptOmen asking him to pump Bitcoin. Elon however laughed the request off in his usual sarcastic and playful manner. The request to pump Bitcoin is an indication that the majority of the crypto community acknowledges that Elon Musk wields significant influence over the market.
Elon Musk’s influence over the crypto market has been proven on a number of occasions. On most of them, he has been accused of manipulating the market for selfish gains. Despite this, his influence or manipulative antics over the cryptocurrency space is acknowledged. Elon’s entry into the crypto space began with Tesla’s $1.5 billion Bitcoin purchase, which the Canadian billionaire had announced via his Twitter page back in February. Following the announcement, the market experienced an uptrend and most cryptos, especially the flagship cryptocurrency, Bitcoin were in the green.
From exercising influence over Bitcoin, the SpaceX founder moved over to popular meme-based token Dogecoin, adopting the token as his favorite and dubbing himself as ‘The DogeFather.’ While Bitcoin was still on some of his crypto-based Twitter mentions, Elon promoted Dogecoin (representing the Japanese Shiba Inu dog breed) more than he ever did Bitcoin. Both his influence and promotion had seen the price of the token attain an all-time high of $0.74 in April, making many Doge investors and holders make massive profits off of their investments. Dogecoin’s price is currently trading at $0.25 after falling over 50% in light of the mid-May crash.
The Twitter request by @Crypt0men earlier today had come with a video depicting Elon Musk singing in the high-pitched voice of a Russian pop singer, Vitas. In response to the request, Elon said, ‘I love this,’ though not an indication that he would grant the request.
Crypto Community Calls For Tesla-Bitcoin Payments Reinstatement
In a related development, following the announcement on July 1st by the Bitcoin Mining Council (BMC) that BTC green mining was now at 56%, the global crypto community anticipated the lift of the suspension placed on Bitcoin payments by Tesla. Back in May, Elon had expressed concerns about the environmental hazards of Bitcoin mining sequel to the discontinuance of Bitcoin payments for Tesla’s electric vehicles.
It was much-expected that Elon would issue a tweet stating a reconsideration by Tesla. However, the billionaire did not respond to comments drawing his attention to BMC’s announcement. If anything, a tweet by Elon to that effect may be granting today’s request to pump BTC, even as the price of the top crypto asset has been fluctuating since its halving in May.
Elon’s Tweets Failed to Pump Dogecoin on Monday
Meanwhile, much of Elon’s focus has been on Dogecoin, as he is looking to find a great use case for it- in May, he hinted at Doge replacing Bitcoin payments in Tesla. In what seems like the end of his crypto market control, attempts to pump Dogecoin on Monday were futile. The token had moved up by only 2%.
He made indirect remarks on the token via two tweets, hoping to influence the price as he had done in the past. While Dogecoin did not bulge despite Elon’s double tweets, a copycat token, Baby Doge had massively pumped that same day. The incident instigated speculations that Elon’s control over the market is over.
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