The recent tweets on Dogecoin from Elon Musk are no longer having a significant effect on its price
The dogecoin frenzy appears to be waning with the crypto’s price gradually retreating. Mentions from Elon Musk seem to be no longer boosting its value. Last month, the crypto enjoyed a terrific upward momentum after the Tesla chief and entrepreneur talked about it on Twitter.
The crypto skyrocketed to attain a market cap of $10 billion. This happened as its price surged by just from under $0.01 to nearly $0.10 in less than two months. Forbes reported that the crypto’s explosion had convinced its developers to make a comeback to upgrade the software.
Things haven’t progressed so well though, since the end of last month. The crypto has shed most of its value, and its price has sunk to nearly half, even though Elon Musk and a few other YouTubers talk about it regularly. Dogecoin currently sits about 40% off its peak with no strong signs it will bounce back to its February high.
Weak tweets
Last week, Musk posted a funny tweet captioned “Literally,” depicting the Shiba Inu dog in a spaceship suit, raising a dogecoin flag on the moon. He sent another tweet that meant to clarify the first one, saying, “On the actual moon.” Musk implied that Dogecoin’s price was going to the moon.
The Tesla chief also tweeted about the crypto this week, saying, “Doge meme shield (legendary item),” followed by an image illustrating the crypto’s value being protected from dropping by memes.
Both tweets have had little impact on the crypto’s price though. The dogecoin market has responded to neither meme – at least not in the way Musk might have hoped. On the contrary, Dogecoin price has stagnated around $0.05 since the month began.
The current reaction to these tweets from Musk is in stark contrast to what happened in February. Musk’s influence and that of other high-profile figures helped drive the crypto’s price up by about 75% His post ‘Dogecoin is the people’s crypto’ arguably had the most impact in steering Dogecoin price up.
The story of Elon Musk and dogecoin traces back to 2019 when he implied it was his favourite cryptocurrency. The assertion even earned him the title ‘dogecoin CEO’ in a poll. Musk, however, recently clarified his remarks about the crypto were nothing but jokes.