Despite being known as an accomplished billionaire and the CEO of Tesla and SpaceX, Elon Musk is also known by one more attribute, and that is being an influencer when it comes to the crypto market. Musk was a die-hard fan of Bitcoin at the time the cryptocurrency was scoring all-time highs and doing alright for itself, and Musk used to tweet handsomely about how people should invest their money into Bitcoin by focusing the attention of the traders and visionaries towards how the cryptocurrency was going to change the world for good. The intentions of Musk were genuine with Bitcoin as one of his companies; Tesla also bought about $1.5 billion worth of Bitcoin, everything was going great, and there were talks of even accepting Bitcoin as a payment option by Tesla.
But then Elon got curious about the harmful effects of Bitcoin mining on our environment and how nature will suffer in the long run if such actions continued. Elon rapidly took to Twitter, mentioning the problem and cutting support for Bitcoin on behalf of Tesla; Bitcoin came crashing down along with other popular cryptocurrencies. That was the time when Elon truly devoted his attention to Dogecoin, the meme-based cryptocurrency solely, and all that time has been trying his best to rally the cryptocurrency one way or the other.
Investors have Lost Interest in Musk’s Tweets
For those of you who don’t already know, Elon did even offer his support and access to any and all resources for the Dogecoin developers to refine the blockchain of the cryptocurrency and making it more efficient and able.
In the reaction to that tweet, Dogecoin surged from $0.24 to $0.261, marking an 8.42% improvement in its price, but that was the end of the bullish rally. It seems investors have lost their interest in the meme cryptocurrency and can see right through the tactics of Musk to favor Dogecoin; it is possible that all that influencing for Musk is over for good.