Recently, Elon Musk made a tweet in support of Bitcoin. In it he wrote, “Leave the dog.” Also he posted a Godfather-inspired meme with actor Marlon Brando. This showed a slight jump in the price of Dodgecoin, but not as much as it was seen a few months ago. For example, in the month of May, when Elon Musk ran a poll on Twitter asking people whether they wanted Tesla to accept DodgeCoin as payment? At that time the price of Dodgecoin had seen a jump of 20 percent.
Musk sent out another tweet on Friday with a photo of a man on his laptop, who appears to be laser-focused on the screen on DodgeCoin and the game Polytopia. But this too did not have a significant effect on cryptocurrency prices.
This indicates that now investors are ignoring him. Perhaps investors have come to the realization that a single person’s comment cannot determine the fate of a digital coin. They believe that no one person can determine which digital coins investors should buy and which coins to ignore.
The price of Dodgecoin fell nearly 65% since its May peak of 68 cents, to around 24 cents on Friday. Critics criticized Musk and his tweet strategy for allegedly manipulating the market. With millions of people investing in cryptocurrencies, it is potentially dangerous to have so much power in the hands of one person. This can encourage investors to make decisions with minimal or no research. As of writing the news on 7th July at 5 PM (IST), the price of Dodgecoin in India was Rs 17.47.
Bitcoin was trading around $33,000 on Friday, down nearly 50% from its peak in April. It’s still up about 15% so far this year. As of writing the news on July 7 at 5 PM (IST), the price of bitcoin in India was Rs 26 lakh.
An effective voice makes it difficult for investors to balance investing and skills amidst the flow of information. But now it looks like the cryptocurrency community may be getting tired of Musk’s tweets, which could make his impact fade further in the times to come.
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