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Elon Musk Turns to Memes to Boost $Doge Price, Fails Miserably

Elon Musk Turns to Memes to Boost $Doge Price, Fails Miserably


Elon Musk’s hold on Dogecoin price seems to be fading away as his recent tweets have failed to cause any significant price movement for the meme currency. Earlier today Musk tweeted a popular meme template with a Dogecoin twist indicating a price pump for the meme currency.

Source: Twitter

Contrary to what meme signified, the price of Dogecoin didn’t see any significant upswing and remained in the same price range of $0.244 before and after Musk’s Tweet. Earlier, Musk’s tweet had a significant impact on Dogecoin’s price, seeing double-digit swings on many occasions, but the effect is slowly but surely on the decline.

Source: TradingView

Elon Musk is notorious for moving the crypto market through his tweets especially his favorite meme currency dogecoin.  Musk has been accused of market manipulation and putting thousands of amateur investors at risk of losing significant investments. However, the outrage seems to be his last concern as he continues to shill the meme currency through his Twitter account.

Is Elon Effect Vanishing From the Crypto Market?

Musk’s tweets on the crypto market were so prominent that many amateur traders started making crypto purchases after every tweet of his and made significant profits. Musk has also been attributed for crashing Bitcoin price on a couple of occasions especially after Tesla’s Bitcoin snub in May. The whole crypto market saw its worst sell-off this year.

 

Even yesterday Musk has made a couple of tweets about Dogecoin but failed to see any price climb quite similar to today. Many believe Musk is losing his market-moving powers through his tweets and many claim his continuous shilling has saturated the meme currency price.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.





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