Unfortunately, Elon Musk does not miss the opportunity to make money on cryptocurrency. And again he remembered Dogecoin. He mentioned it on Twitter and the coin went up a bit in value. But then the price dropped back to its previous value. What does it mean? Now Musk's tweets are not able to raise the value of the asset. But as we remember, Elon's tweets used to raise the value of Dogecoin many times over. This clearly reflects the distrust of enthusiasts towards Musk's statements. This happened after Elon criticized Bitcoin.
After doing a little research, analysts compared Dogecoin prices before and after Musk's tweet. It turned out that Musk even lowered the value of the cryptocurrency with his statement. Naturally, all this was reflected in the chart. Musk was especially active in the spring when he wanted to improve Dogecoin. Elon proposed to speed up the block creation time and reduce commissions by 100 times. All this, according to him, could lead to an even greater popularization of the asset. Note that many disagree with such an active position of Musk regarding cryptocurrencies, including Vitalik Buterin, who began to criticize Musk's actions.
Why is Dogecoin not growing?
Musk's recent activity began on July 1. Then Elon posted a meme with the caption "Release Doge". After the tweet, the value of the asset increased by 8%, but after that it immediately dropped to its original value. Recall that earlier such statements by Musk raised the price of Dogecoin tenfold. True, the growing market also contributed to this. Now we are seeing a flat, and these are sharp local fluctuations in the rate in a small range. Musk later tweeted again:
Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.
The value of the asset has again slightly increased for a short time. You can see that now the effect of Musk's tweets is negligible in comparison with what Elon was able to do before.
But this tweet did not go unnoticed. A project called Baby Doge Coin was found on the Internet. Naturally, because of Musk's tweet, the value of the asset rose sharply by 95%. Those who acquired this asset on time won. In general, investments in such projects are very risks. On most platforms for monitoring cryptocurrency rates, there is no data about the project. This once again proves all the risks associated with this asset. I wonder if Musk did this on purpose or a coincidence?
Criticism of Musk
Movements in Musk's network are already causing the ire of crypto enthusiasts. One of them - CoinMamba wrote:
"Sorry but it not funny anymore. Find something else to keep yourself entertained".
But the representatives of the Baby Doge project are glad that Elon Musk himself mentioned them. For cooperation with him, they are ready for anything. As a result, the token of the project for capitalization came to the fourth place on the PancakeSwap exchange. Even the Cake exchange token itself was left behind. But back to Musk's criticism. CoinMamba's words were added by another user - NFTeddy. He wrote:
"Hell. Even Elon Musk can't raise the price of Dogecoin. We'll all die in poverty."
But the statement of the user with the nickname UM received a lot of approving reviews. The user wrote:
"I know more people who have lost money in doge than they have made money from your pumps. Too many are irrational/emotional to accurately extract the pumps from your tweets.. Therefore you're doing more harm than good."
Conclusion
The current situation with Musk and the value of Dogecoin shows a decline in this man's influence on the crypto industry. Apparently, investors are used to Elon's controversial tweets. Now they consider them insignificant. But newbie investors, who see authority in the Mask, in the majority commit the wrong actions and lose money. But they also get smarter over time. This means that Musk's further influence on the cryptoindustry will decline.
Source: https://2bitcoins.ru/ilon-mask-vspomnil-o-kriptovalyutah/
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