Cryptocurrency

Elon Musk’s Twitter posts fail to move dogecoin up

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Self-proclaimed “Dogefather” Elon Musk seems to have lost his influence on the controversial and famous meme token, dogecoin, as his recent Twitter posts failed to move the cryptocurrency’s price.

In fact, the coin did not move up in reaction to an earlier post made by the Tesla Chief Executive Officer. Instead, since the tweet went live, DOGE went down by 2%.

Earning a reputation for pushing the price of dogecoin with his tweets, Musk single-handedly made the cryptocurrency’s price shoot up by more than 2,000%, with spikes usually following just a few minutes after he posts on Twitter things that are related to the dog-themed digital currency.

But now, it turns out, things have changed.

Hiatus and losing influence

Since May, the Tesla top honcho seemed to have taken a break from tweeting about dogecoin. His last post about the asset before stopping entirely happened towards the end of May, which saw him promote the meme coin.

No one knows what the reason for Musk’s hiatus was, but it was during this time that his electric car company announced it will stop accepting bitcoin payments, citing environmental concerns as the main reason.

Earlier this month though, the billionaire broke his silence and started talking about dogecoin on social media once again. However, his DOGE-related tweets failed to move the asset’s price up. His latest post, “Release the Doge,” had no effect and failed to move prices up once again.

DOGE mostly seeing red

At press time, according to tracking from CoinGecko, dogecoin is changing hands at just above $0.24 and has seen “red” for a couple of weeks now.

For the past seven days, it has been down 8.4%. It even briefly fell to 7th place in terms of market capitalization but has since regained its place as the 6th largest cryptocurrency by market cap with $31.5 billion.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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