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After the latest tweet failed to boost Dogecoin and Bitcoin, Elon Musk lost power to the crypto community

  • Elon Musk’s tweet seems to have lost some of its influence on the crypto market recently.
  • A trader said that investors stopped listening and realized that his tweets should not be the deciding factor.
  • Robinhood said this week that if demand for Dogecoin declines, its business may be affected.
  • For more stories, please visit Business Insider.

The “Elon Musk Effect”, this phenomenon disrupted the crypto ecosystem this year, when it came from Tesla The price of the tokens issued by the boss has skyrocketed or plummeted, which seems to be losing its luster.

This billionaire has always been the main driver of economic fluctuations Bitcoin with Dogecoin After announcing Tesla’s $1.5 billion bitcoin bet and praising the potential of this meme-inspired asset.Recently, his Break up with Bitcoin Drag it back to a value not seen since the beginning of the year.

But entering the second half of 2021, Musk’s influence does not seem to be that important anymore.

Musk tweeted on Thursday in support of Dogecoin, saying “Release Dogecoin!” Emoticons inspired by Godfather Depicts the actor Marlon Brando. The price of the token has increased slightly, but not as high as it was a few months ago.For example, Dogecoin 20% increase in May When he conducted a poll on Twitter asking if people wanted Tesla to accept tokens as payment.

Musk tweeted another tweet on Friday Image of a man on his laptop, It seems that the laser is focused on Dogecoin and the game Polytopia on the screen.

Alexandra Clark, a sales trader at GlobalBlock, a British digital asset broker, said: “Investors don’t seem to listen anymore and eventually realize that a person’s tweets shouldn’t be the decisive factor in their buying and selling assets.” on Friday.

Several investors poured into Dogecoin through the trading app Robinhood, which said on Thursday that meme tokens accounted for 34% of its crypto revenue The first quarter of this year. The company warned that if demand for coins declines and is not replaced by interest in other cryptocurrencies, its business may be adversely affected.

As of Friday, the price of Dogecoin has fallen by about 65% to about 24 cents since reaching a peak of 68 cents in May.

Critics lashed out at Musk and his tweet storm because he sent prices on a roller coaster, Suspected of market manipulationNow that millions of people invest in cryptocurrencies, one person having so much power is potentially dangerous because it may encourage investors to make decisions based on minimal research or no research at all.

Since Musk broke up with Bitcoin, the world’s most popular cryptocurrency has been experiencing some calm. When this billionaire proposed “Promising results discussed by Bitcoin miners Make the asset more environmentally friendly, or when he says that when miners prove that they are using it, Tesla will re-accept it as payment 50% clean energy.

Bitcoin traded at approximately US$33,000 last Friday, a drop of nearly 50% from its peak in April. So far this year, it is still up about 15%.

In the information flow of an influential voice, it is difficult for investors to invest and balance skills to quickly master to beat the cryptocurrency market. But it seems that the crypto community may be tired of Musk’s tweets, which may make their influence gradually disappear and become another short-lived fashion.

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