For the first time, Elon Musk's tweets had no effect on Dogecoin. The billionaire mentioned Dogecoin on Twitter earlier. But this time, Dogecoin did not respond accordingly.
In fact, the price of Dogecoin has fallen by 2% since Elon Musk's tweet was released.
Elon Musk is famous for pushing up dog prices on Twitter. His own efforts on Twitter pushed the price of Dogecoin up by more than 20,000%.
The price of Dogecoin will skyrocket within a few minutes of posting every relevant tweet in the past few months. This led to concerns about insider trading and did not produce any useful results.
Now, Elon Musk's Twitter hasn't changed the price of Dogecoin . Elon Musk tweeted "released dogs" but Dogecoin did not have any fluctuations.
This begs the question, has Musk lost its influence on Dogecoin?
Since May, Musk seems to stop talking about Dogecoin on Twitter. After the last tweet update at the end of May, Musk completely stopped tweets about Dogecoin.
No one knows exactly the reason for the interruption, but in the meantime, Tesla announced that it would stop accepting Bitcoin payments. Musk, the CEO of Tesla, clarified that this happened because of the environmental impact of Bitcoin mining.
As these and other negative news spread, the crypto market plummeted. The crypto market fell across the board, and Dogecoin was not spared.
Investors began to call on the billionaire to continue to make comments about Dogecoin on Twitter. So far, Dogecoin has lost more than 60% of its highest value in history, but Musk seems reluctant to continue talking on Twitter.
Dogecoin once rose sharply to 0.80 US dollars, and then fell back below 0.20 US dollars. Before receiving a return higher than $0.20 after making a small correction, the current price of Dogecoin is in the $0.20 range.
Towards the end of June, Musk once again supported Dogecoin on Twitter. The CEO mentioned ShibaInu on Twitter earlier, a tribute to Dogecoin . But this tweet may be interpreted as a SHIB that supports Dogecoin.
On June 28, Musk tweeted the support for Dogecoin upgrade issued by software engineer Ross Nicoll.
In fact, this has a certain influence in the market. After the release of Twitter, the price of Dogecoin rose slightly, but it did not increase significantly .
Now, Musk's latest tweet seems to have minimal impact on the market, and people may even think it has a negative impact.
It may be that the market is not ready for the next bull market, or investors have finally realized that a person's tweets should not be a factor in deciding whether or not to buy or sell crypto assets .
On the contrary, we can't let one person dictate the direction of the cryptocurrency market. For me, this is a good sign.