Recently, Elon Musk made a tweet in support of Bitcoin. In it he wrote, “Leave the dog.” Also he posted a Godfather-inspired meme with actor Marlon Brando. This showed a slight jump in the price of Dodgecoin, but not as much as it was seen a few months ago. For example, in the month of May, when Elon Musk ran a poll on Twitter asking people whether they wanted Tesla to accept DodgeCoin as payment? At that time the price of Dodgecoin had seen a jump of 20 percent.
Musk sent out another tweet on Friday with a photo of a man on his laptop, who appears to be laser-focused on DodgeCoin and the game Polytopia on the screen. But this too did not have a significant effect on cryptocurrency prices.
This indicates that now investors are ignoring him. Perhaps investors have come to the realization that the comment of a single person cannot determine the fate of a digital coin. They believe that no one person can determine which digital coins investors should buy and which coins to ignore.
The price of Dodgecoin fell nearly 65% since its May peak of 68 cents, to around 24 cents on Friday. Critics criticized Musk and his tweet strategy for allegedly manipulating the market. With millions of people investing in cryptocurrencies, it is potentially dangerous to have so much power in the hands of one person. This can encourage investors to make decisions with minimal or no research. Till the writing of news on 7th July at 5 PM (IST) dodgecoin price in india 17.47 was Rs.
Bitcoin was trading around $33,000 on Friday, down almost 50% from its peak in April. It’s still up about 15% so far this year. Till the writing of news on 7th July at 5 PM (IST) bitcoin price in india 26 lakh was Rs.
An effective voice makes it difficult for investors to balance investing and skills amidst the flow of information. But now it looks like the cryptocurrency community may be getting tired of Musk’s tweets, which could make his impact fade further in the times to come.