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Has Musk finally lost control of manipulating the crypto market?
When it comes to manipulating the crypto market, Musk is king, and this is no longer a secret. Tweets from the boss of Tesla (NASDAQ:) have repeatedly driven the price of cryptocurrencies to soar. For example, in mid-May, when he announced that his electric car manufacturing company, Tesla, would no longer accept BTC payments, on the grounds of environmental issues, the price plummeted.
Musk’s recent attempt to promote Dogecoin did not go as planned. Although the price of memecoin spiked briefly after the billionaire spoke on Twitter on Thursday morning, its performance did not meet expectations. As of press time, the trading price of Dogecoin is $0.24, with a 24-hour increase of 1.07% and a weekly decrease of 6.87%.
At around 8:43 on Thursday morning, Musk tweeted a godfather meme showing Don Vito Corleone, the iconic character of Marlon Brando, with the text: “You come to me while you are running , Tell me the code you are running cannot be compiled.” He added the title “Release the Governor” to this tweet.
Let go of the Governor! pic.twitter.com/9bXCWQLIhu
— Elon Musk (@elonmusk) July 1, 2021
Soon after he tweeted, the price of Dogecoin rose by more than 8%, from $0.24 to $0.261. However, the playground was quickly knocked down by the sell-off, returning the currency pair to the $0.24 area.
Tesla was dissatisfied with the result and sent a supportive but vague tweet after his previous tweet, which read “Doggie, toot, toot, toot, toot, toot, toot, Toot, toot, toot, toot, toot, doggy, toot, toot, toot, toot, toot, puppies.”
In the second tweet, the trading pair rose 5.22% to $0.26. In the next few hours, the trading pair struggled to recover its intraday high of $0.261, but this situation was short-lived as traders continued to take profits.
As mentioned earlier, the price of Dogecoin has returned to the level it was before Musk began to speculate.
damn it. Even @elonmusk can no longer draw the Governor. We will all die poor, right. pic.twitter.com/JBVbFx3oFD
— NFTeddy (@TeddyCleps) July 1, 2021
Earlier this year, after Musk posted a series of tweets about Dogecoin, the cryptocurrency market plunged into a buying frenzy. He promoted a massive retail-led price surge, which brought DOGE’s market value to a peak of nearly $100 billion in early May. At that time, the DOGE/USD trading pair hit a record high of 0.76 US dollars. Two months ago, the value of the currency pair was less than half of its value, mainly due to China’s crackdown on crypto mining activities. Since mid-May, Bitcoin and several major digital assets have plummeted by more than 50%.
Converged Media Fusion Media or anyone related to Fusion Media shall not be liable for any loss or damage caused by reliance on the data, quotations, charts, and buy/sell signals contained in this website. Please fully understand the risks and costs associated with financial market transactions. This is one of the most risky forms of investment.
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