The man of the moment in the cryptocurrency world is Mr. Elon Musk at this point; driving the cryptocurrencies up, down, left, and right. Mr. Musk is enjoying this unique power to the fullest; giving crypto lovers interesting price swings in their favorite cryptocurrencies.
It seems as if Mr. Musk is the lone captain of a huge crypto watercraft; sailing and driving the watercraft toward his favorite cryptocurrency islands, while the passengers are just sitting there and following Mr. Musk in desperation. The situation is very interesting to say the least.
DogeCoin to the Moon?
There were a wave of tweets and statements from Mr. Musk recently. In one of the statements, he indicated that he is working with the developers of Dogecoin to improve transaction efficiency. The market was overwhelmed by this news, resulting in Dogecoin price jumping by 14%. Dogecoin enthusiasts were over the moon, and for all the right reasons they were in love with Mr. Elon Musk.
Yesterday, Mr. Elon Musk was in a different mood; indeed, not a good sign for Dogecoin lovers. An overwhelmed Dogecoin enthusiast got Mr. Musk in a jeering mood by saying that "Dogecoin is better than Bitcoin". In a satirical statement Mr. Musk replied:
“Ideally, Doge speeds up block time 10x, increases block size 10x & drops fee 100x. Then it wins hands down.”
This has negatively impacted on the Dogecoin market value, and the coin has dropped below $0.48. Dogecoin community will be sad by this.
Bitcoin can't save itself from Mr. Elon Musk
Same series of ups and downs were witnessed in the bitcoin value too. Bitcoin value crossed $50,000; and even reached all time high of $58,000. These surges were inspired from Tesla announcing that it would accept Bitcoin as payment; in addition, it was announced that they will be buying $1.5 billion worth of bitcoin.
Just recently, citing environmental impacts of mining bitcoins, which is indeed an energy-intensive process, Mr Musk said he is unsure of using bitcoin at Tesla until the environmental impact of the cryptocurrency is sustainable in the long term. This statement impacted bitcoin heavily and it lost around 10% of its total value.
The MUSK Factor
Indeed, Mr. Elon Musk seems bigger than those cryptocurrencies; impacting upon their value whenever he wants to. Whether crypto experts and enthusiasts like this manipulation? Is it good for the future of crypto? This is for the community as a whole to decide.