Elon Musk’s hold on Dogecoin price seems to be fading away as his recent tweets have failed to cause any significant price movement for the meme currency. Earlier today Musk tweeted a popular meme template with a Dogecoin twist indicating a price pump for the meme currency.
Contrary to what meme signified, the price of Dogecoin didn’t see any significant upswing and remained in the same price range of $0.244 before and after Musk’s Tweet. Earlier, Musk’s tweet had a significant impact on Dogecoin’s price, seeing double-digit swings on many occasions, but the effect is slowly but surely on the decline.
Elon Musk is notorious for moving the crypto market through his tweets especially his favorite meme currency dogecoin. Musk has been accused of market manipulation and putting thousands of amateur investors at risk of losing significant investments. However, the outrage seems to be his last concern as he continues to shill the meme currency through his Twitter account.
Is Elon Effect Vanishing From the Crypto Market?
Musk’s tweets on the crypto market were so prominent that many amateur traders started making crypto purchases after every tweet of his and made significant profits. Musk has also been attributed for crashing Bitcoin price on a couple of occasions especially after Tesla’s Bitcoin snub in May. The whole crypto market saw its worst sell-off this year.
Release the Doge! pic.twitter.com/9bXCWQLIhu
— Elon Musk (@elonmusk) July 1, 2021
Even yesterday Musk has made a couple of tweets about Dogecoin but failed to see any price climb quite similar to today. Many believe Musk is losing his market-moving powers through his tweets and many claim his continuous shilling has saturated the meme currency price.
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