Dogecoin (DOGE): How much influence does Elon Musk still have on the price?
Dogecoin (DOGE): How much influence does Elon Musk still have on the price?Dogecoin (DOGE): How much influence does Elon Musk still have on the price?Dogecoin auf US-Dollar Note

Elon Musk has done it again, speaking out about cryptocurrencies on Twitter. It was only in May that “Dogefather” Musk sent Dogecoin into a tailspin. DOGE lost a steep 70% in a very short period of time. Yet it was at its peak at the time – with a market cap of $95 billion. Moreover, just a few days ago, the crypto community declared that they don’t give a damn about Musk anymore and ignore his tweets. From the looks of it, the community is making it true.

Tweet from Elon Musk brings little profit but some ridicule

Now Musk has tweeted again claiming that DOGE payments could compete with Ethereum and Bitcoin. But also that Dogecoin could do a better job than BTC or ETH. Moreover, he said:

BTC and ETH are looking for a multi-tier transaction system, but the transaction rate of the base tier is slow and the transaction cost is high. It is beneficial that Doge maximizes the transaction rate of the base layer and minimizes the transaction cost, with exchanges acting as a de facto secondary layer.

In essence, though, he still didn’t accomplish much with his promotion. This is because the Dogecoin has been able to increase its price by less than 8%. So the promotional campaign for the DOGE didn’t really do much and the crypto community is probably making good on its promise.

The tweet from the CEO of Tesla and SpaceX was probably in response to crypto-YouTuber Matt Wallace, who was excited about an upcoming protocol update to Doge.

Users disagree with the self-proclaimed Tesla techno-king on his tweet about Dogecoin

So podcast host Peter McCormack mockingly replied that Elon Musk and Jeff Bezos are probably just looking for a multi-planetary space shuttle. However, development is very lame and the cost is too high. Also, it would make sense to build rockets out of saliva and cardboard so that the speed of construction can be increased and the cost reduced.

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Moreover, various gifs were posted and the Tesla tech king was not taken that seriously after all. So he earned more ridicule instead of being able to do anything about the rise of DOGE.

The problem is simply that Musk is displaying a disrespectful attitude towards bitcoin. After he first has unsettled the crypto community, it is now the case that many no longer take him seriously. Most notably, the ups and downs of his tweets caused him to lose trust. After praising Dogecoin in the highest terms, he tweeted that comments about Dogecoin should not be taken so seriously after all. Still, he has called to support the DOGE and even promised to place a Dogecoin on the moon through SpaceX.

In addition, Tesla still holds $1 billion in Bitcoin that was purchased earlier this year. However, this investment is up to its neck right now. Furthermore, Musk also stated that he personally owns Dogecoin as well.

However, this tweet was different than before. While Musk’s tweets triggered double-digit market moves earlier this year, the market only moved up a few percentage points.

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