For the first time, it seems Elon Musk’s tweets have no effect on Doge. The billionaire had tweeted earlier about doge but this time, there was no reaction from the coin. In fact, the coin is down 2% since the tweet went live.
Musk is notoriously known for pushing the price of Doge with his tweets. His tweets were single-handedly responsible for pushing the price of the coin up over 20,000 percent. The price of Doge would shoot up minutes after each tweet went live from the last couple of months. Leading to concerns of insider trading, which yielded nothing useful.
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But now, Musk’s tweet has failed to move the price of the coin. Elon Musk had earlier tweeted “Release the Doge” but the coin has refused to move.
So, this leads us to the question, has Musk lost his edge over Dogecoin?
Musk had seemingly taken a break from tweeting about Dogecoin since May. After a final tweet promoting Dogecoin towards the end of May, Musk stopped tweeting about Doge entirely.
No one knows for sure the reason for the break. But it was during this period that Tesla had announced that they would stop accepting Bitcoin payments. The CEO had clarified that the reason for this was due to the environmental impact of Bitcoin mining.
Price of Doge remains stagnant despite Musk's tweet | Source: DOGEUSD on TradingView.com
Along with these and other negative news coming out, the crypto market took a nosedive. Prices were down all across the board. And Doge was not left out of the bloodbath.
Investors began calling for the billionaire to resume tweeting about Dogecoin. Which had by this point lost over 60% of its all-time high value. But Musk seemed committed to not tweeting about Dogecoin.
The price which had risen significantly to as high as $0.80 went back down below $0.20. Before making a small correction and receiving back up above $0.20. Where it currently sits trading in the $0.20 range.
Elon Musk Resumes Tweeting About DOGE
Towards the end of June saw Musk returning to tweeting support for the coin. The CEO had earlier tweeted about Shiba Inu, the dog breed which is the icon of Dogecoin. But that tweet could have been interpreted as either support for Doge or support for SHIB, a coin made in response to Dogecoin.
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This had a bit of sway in the market. Prices rose slightly after the tweet went live. But not by a large margin.
Now, Musk’s latest tweet seems to have a negligible effect on the market. One might even go out on a limb to say it had a negative effect.
It could be that the market is just not ready for another bull. Or it could be that investors are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell coins.
Featured image from Sportskeeda, chart from TradingView.com