Crypto markets no longer care about Elon Musk’s Dogecoin tweets

Self-proclaimed “dog dad” Elon Musk seems to be losing his “superpowers” quickly as his recent crypto-focused tweets didn’t have a significant impact on price.

Just a few months ago, a single tweet from Musk about Bitcoin, Dogecoin or another cryptocurrency was enough for the price to rise dramatically.

For example, DOGE gained 50% after Elon Musk dealt a blow to cryptocurrency in February. In another instance, Musk increased meme coin by 76% with a rocket tweet. Bitcoin rose 18% in January after Musk added “Bitcoin” to his Twitter bio.

Elon Musk – CEO of Tesla and SpaceX

Lost grace

However, Elon Musk’s “crypto credibility” has been rapidly eroding recently. Most notably, Musk angered crypto enthusiasts by announcing that Tesla will not accept payments in Bitcoin due to concerns about the environmental impact of mining.

Musk didn’t stop, later appearing on Saturday Night Live (SNL), publicly calling Dogecoin an “ambitious guy”.

Unsurprisingly, crypto loyalists were neither satisfied with the subsequent drop in the price of both coins, nor with the capricious nature of Musk’s tweets.

After that “breaking point”, the community’s attitude towards Musk began to change dramatically. Bitcoin maximalist Max Keizer even announced his “Fuck Elon Tour” planned for July 8th and 9th in Texas.

As a result, Musk’s recent tweets mentioning crypto didn’t have a significant impact on the price.

For example, on July 2nd, Musk tweeted another meme picture showing a man ignoring attractive women around him just to focus on DOGE rates. However, the actual Dogecoin price is not affected.

pic.twitter.com/oGKHhHROQa

– Elon Musk (@elonmusk) July 2, 2021

“The pump is too weak now. Condolences, ”crypto analyst Larry Cermak comment.

Mati Greenspan, founder of the cryptanalysis company Quantum Economics, has retweet that this “doesn’t even appear on the daily chart anymore. Hardly noticeable at 4 o’clock. “

“It seems that investors stop listening and are ultimately realizing that a person’s tweets shouldn’t be the deciding factor in whether they buy or sell their assets,” said Alexandra Clark, a trader at GlobalBlock with Business Insider on Friday.

At press time, Bitcoin is trading at around $ 34,843, up 1.87% from the day. This is a decrease of nearly 50% from the all-time high in April.

Bitcoin price chart | Source: Tradingview

At the same time, Musk recently pumped a dog-related coin with his tweet. Baby Doge rose 130% last Friday after Musk tweeted about it and plagiarized a hugely popular YouTube video called “Baby Shark Dance”.

It seems that Musk can currently only influence what many call “shitcoins” as its influence on major cryptocurrencies is waning.

Teacher

According to Cryptoslate

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