After his conversation with Jack Dorsey and Cathie Wood, Elon Musk is finding his way back to old Twitter form. However, the crypto community remains skeptical.
Not even a week after his comments on “The B-Word”, Elon Musk seems to be finding his way back to old form. Yesterday morning, for example, the Tesla CEO set the Twitter machinery in motion again and lived up to his name as the “Dogefather.” Over the weekend, the multi-billionaire posted a series of memes on his account. Of course, a contribution to his favorite coin DOGE could not be missing. This time, Musk helped himself to the popular Matrix series.
According to this, Musk thinks that Dogecoin is not a speculative asset, but a candidate for a full-fledged currency. By now, however, the tweets shouldn’t really surprise anyone in the crypto space. Already in the past, the serial entrepreneur tried to influence the meme currency with his posts – sometimes more, sometimes less successfully. In addition, the speculations that Musk could be one of the 20 ominous DOGE whales through his PR actions have been piling up lately. In the talk with Jack Dorsey and Cathie Wood, the Tesla CEO tried to refute these accusations. He said that while he is invested in the meme currency, the majority of his crypto portfolio is Bitcoin. How high his DOGE holdings actually are thus remains a mystery.
Dogecoin price hardly reacts to Elon Musk
This time, however, the PR campaign doesn’t seem to have done much good. A mini-slide of 3.5 percent lasted for just under an hour and then leveled off again. The DOGE price was probably much more pulled north by rumors of a planned Bitcoin integration of Amazon. According to insider information, the US company is on the verge of allowing cryptocurrencies on its own platform as a means of payment. As a result, almost the entire crypto market reacted with massive price gains. So did Dogecoin; at press time, DOGE is trading at $0.22 – about 13 percent higher than it was 24 hours ago.
One reason for the declining correlation between Musk and DOGE could be that part of the investment community does not seem to have forgiven the Tesla CEO’s Twitter escapades regarding Bitcoin yet. As a reminder, in late May, the multi-entrepreneur sparked discourse across the crypto space with remarks about the cryptocurrency’s energy consumption. Shortly after, his company Tesla suspended its payment function with BTC indefinitely. Then, when Musk predicted last Wednesday night that the e-car maker would “probably” unlock Bitcoin again, it didn’t necessarily have a positive effect on the self-proclaimed “Dogefather’s” reputation.
Under his latest tweet, a polarized picture emerges. On the one hand, there are users who in Musk’s meme roundup, on the other hand, other users criticize the multi-billionaire. For example, US psychologist Geoffrey Miller writes:
Why are you undermining people’s trust in @Tesla and @SpaceX by tweeting about obsolete memecoins? If you want to support the crypto industry, stop treating it like a childish joke. Instead, show some appreciation for real projects with real dev teams, use cases, and communities.
Geoffrey Miller on Twitter
With the Flash Crash a little over two months ago, the crypto space seems to have grown up. Whether this attitude can be maintained in the current bull run remains to be seen. Elon Musk, in the meantime, is likely interested in regaining his playful crypto-friendly reputation.