Dogecoin Unaffected by Elon Musk’s Tweets? Is the Meme Coin Backsliding?

6:51 am, Tue, 6 July 21

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It was predicted a few months ago that Elon Musk would lose his influence over the crypto market. According to recent reports, that prediction seems to have come true.

Elon Musk is one of the most popular people in the world and proclaimed himself the “Dogefather”. One tweet from the Tesla CEO noticeably boosted or plunged the prices of digital assets. However, it has now ceased to be the case as Musk’s tweets are not affecting the crypto market anymore.

This has left people to speculate the downfall of the meme crypto asset, Dogecoin. Thanks to Musk’s support and tweets, the meme coin has enjoyed some price boosts in the past.

However, could this be a fall from grace for DOGE?

Other digital assets such as BTC and ETH seem to be doing well at the moment and grabbing the attention of new investors as well.

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How Does This Affect Dogecoin?

Dogecoin (DOGE) is currently trading at $0.238 (at the time of writing). It has dropped nearly 2.05% in the last 24 hours.

Unfortunately, Elon Musk’s tweets cannot come to rescue the meme coin, considering the recent observations that have been made.

A few months ago it was quite noticeable that a single tweet from the Tesla CEO greatly impacted the entire crypto market. Back in February, Musk gave a boost to DOGE, which increased its price to 50%.

However, Musk’s recently shared tweets, such as the one mentioned below, have failed to make any positive impact on the meme crypto asset. This has led people to determine that Musk’s influence on the crypto market might be slowly fading away.

Many crypto enthusiasts believe that Elon Musk started losing his credibility in the crypto space after the change in his stance towards Bitcoin. Earlier this year, Musk announced that Tesla will be accepting BTC as payment for its vehicles. The company soon retracted the option based on concerns regarding the environment.

The change in Musk’s stance caused the price of Bitcoin to drop drastically and almost tragically. This led the crypto enthusiasts and long-term investors to be unhappy about the volatility of crypto prices caused by Musk’s tweets.

This has now resulted in a scenario where none of Musk’s recently shared tweets have seriously affected the crypto market.

Sales trader at GlobalBlock, Alexandra Clark, stated:

It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets,”

This could certainly indicate that prominent crypto assets such as Bitcoin and Ethereum might be claiming new all-time highs in the future. This is encouraging news for not just the BTC enthusiasts but the overall crypto market.

Should you be Investing in BTC or ETH?

Investing in a crypto asset is a matter of personal preference for many. However, before you invest in a digital asset you should know your options and also some factors so you can determine which cryptocurrency is worth it.

Bitcoin and Ethereum are the top two digital assets in the world. Both cryptocurrencies have their significance and utilities.

At the moment:

  • Bitcoin is trading at $34,758 (at the time of writing)
  • Ethereum is trading at $2,324 (at the time of writing)

Also read: Bitcoin (BTC) Price Analysis – Bullish Momentum on Shorter Time Frames

If you are looking to make use of the prices and purchase either of them then you should consider using some of the best crypto exchanges.

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