Tesla CEO Elon Musk Seems To Be Losing His Influence Over The Crypto Market

In what many would believe to be a sign of some much-needed progression, billionaire Elon Musk’s tweets no longer seem to have the same kind of impact that had been previously experienced regarding the crypto markets.

The Tesla CEO has been supportive of cryptocurrencies for some time now, however many were puzzled at his decision to actively support a ‘joke’ cryptocurrency known as Dogecoin (DOGE), and this bewilderment quickly turned into frustration and rage when Elon had decided to remove Bitcoin (BTC) from Tesla’s list of payment options, although he has since said that he will reverse his decision if the flagship crypto can become more eco-friendly and consume considerably less energy.

Is the ‘Elon-effect’ truly over?

Despite how one may feel about Elon Musk and his recent actions, we cannot deny the effect that his words have had on the market and, thus, the different prices for various cryptocurrencies. For instance, DOGE had increased by more than 50%, thanks to his tweets back in February. BTC had experienced a similar increase (albeit not as high) when it spiked by 19%, following Elon adding Bitcoin onto his own bio on Twitter.

Now though, the argument could be made that the billionaire is rapidly losing his credibility when it comes to the crypto industry. His aforementioned decision to remove Bitcoin combined with the crackdown currently being carried out in China certainly left a sour taste in numerous investors’ mouths. As a result, few investors want anything to do with Elon as of now, as many believe that his actions have resulted in considerable losses on a massive scale. His recent appearance on SNL did not do much to help the crypto market either.

Investors wising up to Elon’s antics at last

At long last, investors finally realize that Elon Musk may, in fact, have his own agenda when it comes to his actions on social media and what he plans to do long-term regarding cryptocurrencies. The crypto community no longer wants the actions of anyone, let alone a sporadic billionaire, to influence the market to the point where various cryptocurrencies will experience huge dips or spikes depending on what Elon might be feeling like on that particular day.

Ultimately, it looks as if the only kind of real influence that Elon still possesses is in regards to the so-called ‘bitcoins that no veteran trader would normally be concerned with. A cheap imitation of DOGE known as ‘Baby Doge’ had spiked by 130% following yet another tweet by Elon, but it is clear to see that as of this point, the billionaire clearly does not hold the same kind of sway over the market as he did a few months ago.

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