DOGE is insensitive to Tesla’s joke, has the Elon Musk pump an end?
Many say that all good things come to an end and that Elon Musk on DOGE suffers the same fate when it comes to being boring.
“Perhaps the car will generate dogecoin when it sees Shiba Inu,” Musk replied to a tweet in the original post today simply: “Tesla Vision can actually see dogs!”
If it sees a Shiba Inu, the car might render a Dogecoin …
– Elon Musk (@elonmusk) July 13, 2021
However, unlike always, the price almost did not respond. DOGE slightly increased $ 0.208 to $ 0.206 and corrected shortly thereafter. This move is different from how the market typically reacts to Musk’s Dogecoin tweets (a few months ago) – suggesting the general trend that such moves become overrated as they become popular.
DOGE / USD | Source: Tradingview
Tweets and boosts from Elon Musk Price DOGE
CEO Elon Musk of electric car maker Tesla, space research firm SpaceX and other cutting edge tech companies rose to prominence in crypto circles last year after repeatedly advertising around the world.
Musk mentioned Dogecoin (as a meme or sometimes as a character) and DOGE amassed dozens of percent in the next few minutes. The first couple of such tweets sent DOGE higher than 100% and eventually drove the token to a peak price of $ 0.7 (with a market cap of $ 86 billion).
Whether or not Musk will personally benefit from these steps is left to the individual’s opinion. But one thing is for sure, tweets have gradually diminished their impact on the market over time, with the initial fascination with Musk and DOGE (in crypto circles) gradually shifting to the general opinion of why that is.
The 100% gain slowly decreases to 70%, then 50%, 20% and 10%. Now they are only a very small part of the original effect.
As one of the richest people in the world, Musk therefore makes very little profit pumping DOGE. But apart from the memes and jokes, he seems to be interested in the future prospects of memecoins.
Earlier this month, Musk expanded support for an upcoming update to Dogecoin, which will make fees even cheaper and network transactions faster. He even positioned the Memecoin in a separate tweet last week ahead of Bitcoin and Ethereum, the largest cryptocurrencies in the world, and criticized Bitcoin and Ethereum for their lack of scalability for everyday users.
But don’t be disappointed if your are looking for a Musk pump. The game still exists in other Memecoins … as recently testified by Baby Doge owners.
At home at home
According to Cryptoslate