Elon Musk pumps Dogecoin - but in vain

Tesla CEO Elon Musk is currently promoting Dogecoin (DOGE) again on Twitter. However, it has done nothing for the DOGE price.

Who let the Musk out

So far, no one has been able to give the Dogecoin price such a boost as Tesla CEO Elon Musk. The enterprising entrepreneur once called himself the "Dogefather" - and he is now following up this title with action. On Twitter, he once again praises DOGE, the number 6 cryptocurrency by market capitalisation. At the same time, however, he criticises Bitcoin and Ethereum as slow and expensive.

Musk's tweet is a reaction to a statement by Dogecoin Youtuber Matt Wallace. He is currently reminding people on Twitter of an upcoming Dogecoin update that will "perfectly position the meme cryptocurrency to become one of the most used currencies in the world". Musk responds - once again - with a bitcoin critique. This time, however, he brings Ethereum on board at the same time. He writes:

   "BTC & ETH follow a multi-tier transaction system, but the base tier transaction rate is slow and transaction costs are high."

The South African-born Musk also provides the solution to the speed and cost problem: Dogecoin, of course, a meme currency. Musk wants to improve it and make it a global currency. Musk had emphasised several times that it was important to lower transaction fees and improve speed with Dogecoin in order to make DOGE the "currency of the earth". Musk:

   "It has imo an advantage that Doge maximises the transaction rate of the base layer and minimises transaction costs, with exchanges acting as a de facto second layer."

Musk - most hated person in crypto

Of note: Musk's tweet does not seem to have any impact on crypto markets. In the past, such tweets from Musk - one of the richest men in the world with a whopping 57.9 million Twitter followers - could move both bitcoin and dogecoin prices sensitively. This time, Musk has also gone all out - even suggesting that Dogecoin could be a better means of payment than Bitcoin and Ethereum. But what happened was: nothing.

Either way, public opinion about Musk seems to be changing rapidly. At the beginning of the year, the father of six was still being hailed as a crypto hero - he had just announced Tesla's $1.5 billion bitcoin purchase. Tesla does continue to hold more than $1 billion in BTC. But according to the polling firm Awario, Musk is no longer as popular as he was back then - partly because of his rigorous bitcoin environmental criticism.

That's because the firm's data shows: Tweets that speak positively about Musk have already been at a new low since May. At the beginning of the year, tweets for and against Musk balanced each other out in terms of numbers. But in May, the ratio of positive to negative sentiment dropped by about a quarter. Simply put, according to the analysis, public opinion of Musk is more negative than ever before - he is even the "most hated person in crypto".

Will this change again when Elon Musk sends the DOGE-1 satellite into space next year?

Bitcoin Rush is an automated trading software that was created by users in 2018, and its best use is to trade Bitcoin and Cryptocurrencies.

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