Are Elon Musk And His Tweets Losing Power Over The Crypto Community?

Elon Musk has been controlling the market with his tweets for a while. One tweet from him caused a certain rocket-themed crypto coin to surge 200%, while his regular memes about bitcoin are partially responsible for the popular cryptocurrency’s current state. Bitcoin is going for around $34,000 almost half of its all-time high back in April of over $60,000.

Elon Musk’s shenanigans have hurt investors a lot. Many people continue to rage on Twitter that Musk caused them to lose all their savings. The Elon Musk Effect has messed with the crypto market long enough as now it seems that investors have wised up. His latest tweets about dogecoin or bitcoin have failed to get anyone riled up. Thus, neither of the currencies has gone up after he attempted to boost them.

It was Elon Musk who pushed Tesla to start accepting bitcoin as a valid payment option only to back down later when the environmental aspects of mining bitcoin came into the light. This was the first step that set off bitcoin’s downward spiral. Musk has been supporting dogecoin for a long time as well. Even going as far as to call himself the Dogefather.

Musk recently tweeted “Release the Doge” which led many people to believe that it was time for Dogecoin to get a massive pump. However, surprisingly nothing happened. So this must mean that Musk’s firm grasp on the market is finally easing up. According to Alexandra Clark, sales trader at UK-based digital asset broker GlobalBlock, “It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets”.

It’s about time investors realized that a single person’s opinion should not dictate which cryptocurrency they invest in. Many critics have complained again and again that Musk was manipulating the market by tweeting about things he had little information about. Just a single tweet caused prices to drop or surge. An individual having so much power over public opinion is very dangerous when millions of people are investing.

Musk’s tweet before encouraged investors to invest without needing to do their own research but all things eventually come to an end.

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