Elon Musk no longer has an effect on the price of Dogecoin
Elon Musk no longer has an effect on the price of Dogecoin
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Elon Musk no longer has an effect on the price of Dogecoin

By Amelia Tomasicchio - 1 Jul 2021

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Today Elon Musk tweeted for the umpteenth time in favour of Dogecoin (DOGE), but the cryptocurrency had no effect and its price remained stable as if nothing had happened.

Surely the CEO of Tesla, now that he has started his fight against Bitcoin, has lost credibility in the crypto market and therefore it was to be expected that his praise of Dogecoin could start to have no effect on traders.

On the other hand, his back-and-forth between pro and anti positions with regard to Bitcoin has not had a positive effect on the price of BTC nor on his reputation in the crypto space.

Of course, it must also be said that today’s Twitter post about Dogecoin was nothing relevant, but just a sort of song dedicated to DOGE along the lines of that of the Baby Shark project.

The price of Dogecoin

In reality, even on 29 June, when Elon Musk tweeted in support of the new proposal to change DOGE’s fees, the price of crypto had remained stable at $0.2. This is a loss of more than 300% since its all-time high of 73 cents on 8 May.

Dogecoin had a small price shift during the last week, recording a +5% compared to last Thursday, but this is a rather ridiculous percentage for what we are used to seeing in the crypto world and especially compared to the loss recorded.

In any case, it must certainly also be said that the entire cryptocurrency market is in sharp decline compared to a few months ago, but not even Dogecoin is an exception despite Musk’s tweets.

Has Elon Musk’s influence in the crypto world (finally) stopped?

 

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is writing a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector.

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