It seems that Tesla and SpaceX CEO Elon Musk is gradually losing his grip on the cryptocurrency market - at least considering that his crypto-focused tweets have not had a significant impact on prices lately.
Just a few months ago, a single tweet from Musk about Bitcoin (BTC), Dogecoin (DOGE) or any other cryptocurrency was enough to boost the prices of the corresponding digital assets by a large amount.
DOGE, for example, rose by 50% after Elon Musk gave the cryptocurrency a boost in February. Another time, Musk sent the dog coin soaring by 76% with a rocket tweet. In January, BTC jumped 18% after Musk wrote "bitcoin" in his Twitter bio.
Musk has fallen out of favour
However, the Tesla CEO's "crypto credibility" has been crumbling rapidly of late. Perhaps most notable is Musk's announcement at the end of March. First, Musk had declared that Tesla would accept BTC as payment for its electric cars - only to retract that a few months later due to environmental concerns. Musk also appeared on Saturday Night Live, where he called Dogecoin a "scam".
Unsurprisingly, crypto believers were not amused by the subsequent drop in the price of the coins - nor by the fickle nature of Musk's tweets. After this turning point, sentiment within the community towards Musk began to shift drastically. Bitcoin maximalist Max Keiser even announced his "Fuck Elon Tour" as a result, which he is now holding in Texas on 8 and 9 July.
Consequently, Musk's recent tweets about cryptocurrencies have not had a significant impact on their price either. On 2 July, for example, Musk tweeted another meme image: a depiction of a man ignoring attractive women around him to watch the DOGE price. But the actual price of Dogecoin remained largely unaffected.
"RIP to an easy sideline".
Crypto analyst Larry Cermak comments wryly:
"The pumps are so weak now. RIP to an easy side income"
Mati Greenspan, founder of crypto-analytics outfit Quantum Economics, takes a similar view. He points out that the impact is "not even visible on the daily chart anymore".
Not even visible on the daily chart anymore. Barely noticeable on the 4h.
Alexandra Clark, Sales Trader at GlobalBlock, also tells Business Insider:
"It seems investors have stopped listening and are finally realising that one man's tweets shouldn't be the deciding factor in whether they buy or sell their assets."
Currently (time of this writing), Bitcoin is trading at around $34,730, down 3.8% in 24 hours, according to crypto metrics platform CoinGecko.
Musk also recently managed to pump one particular coin with his tweet. The somewhat odd Dogecoin offshoot Baby Doge skyrocketed 130% last Friday after Musk tweeted about it - apparently referencing the wildly popular YouTube video titled "Baby Shark Dance."
As his power over the major cryptocurrencies wanes, it looks like Musk can only influence some obscure altcoins with his remaining influence.
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