on the crypto
Elon Musk's latest attempt to pump Dogecoin's value didn't go according to plan. His cryptic tweets didn't cause much stir in coin prices. This could indicate that Elon Musk, once the golden boy of the tech / crypto industry, has become a loser and is losing his credibility.
Dogefather failed to "Release the Doge"
He is a billionaire entrepreneur known for manipulating the cryptocurrency market through his tweets. The self-proclaimed Dogefather has decided to support Dogecoin, his favorite meme coin.
On Thursday morning he tweeted a message with the caption "Release The Dog" from his Twitter account. The price of DOGE has increased from $ 0,24 to $ 0,261, which is a sharp increase. The tweet has raised the price. of DOGE by more than 8%, but was quickly sold to drop to $ 0,24.
The market rejects your plan to manipulate it despite two attempts
After failing on its first attempt, Tesla's Twitter account entered round two with an inconsistent rendition of "Baby Shark," the song lyrics.
In the second tweet, the DOGE / USD trading pair rose 5,22% and reached $ 0,26. The price hike was volatile and temporary, however, when traders started selling it, it declined. Musk's tweets failed to stop the coin from returning to its previous value.
You can follow the Musk-Crypto Saga on Twitter to see key moments. Twitter is known for fueling the cryptocurrency market with its tweets from influential people. His tweets earlier this year about Dogecoin were enough to spark a buying frenzy that has resulted in DOGE's market cap reaching nearly $ 100 billion.
It is impressive how a Tweet from an influential person can increase or decrease the quotation of a cryptocurrency.
However, when he expressed concern about Bitcoin's energy consumption and dependence on fossil fuels, in May, it caused cryptocurrency markets to collapse and caused a 17% drop in Bitcoin's value (from $ 54.819 to $ 45.700). . Further volatility was caused by him tweeting a meme in June suggesting he had fallen out of love with Bitcoin.
Industry players were not impressed
Musk's incendiary tweets, which can make or break a cryptocurrency, have drawn much criticism. Many industry leaders, including Changpeng Zhao (CEO of Binance), have called Musk "irresponsible".
"Tweets that damage other people's finances are not funny and are irresponsible."
Other industry veterans who are more optimistic about Bitcoin didn't like his pro-Dogecoin tweets in February.
Mike Novogratz (CEO of Galaxy Digital) criticized Musk for supporting Dogecoin.
“Bitcoin has a real purpose. Eetheruem has a real function. Many stablecoins have a real function. Doge is a joke, a meme.
