• Thu. Feb 29th, 2024

Elon Musk Seems to be losing his Magic for Dogecoin

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May 30, 2022

Since the beginning of 2021, Elon Musk demonstrated his strong influence over his Twitter followers with his tweets. However, his followers weren’t the only entity he was influenced by, he was also doing the same for Dogecoin (DOGE).

The success of Dogecoin Due to Elon Musk

The year 2021 has been considered the best year so far for the entire cryptocurrency industry. The first half of the entire year was blessed with strong gains and huge rallies for almost every major and minor cryptocurrency.

However, the blessings came in full force in favor of Dogecoin in the form of Elon Musk. From January of 2021 until the mid of the year, Elon Musk continued supporting Dogecoin.

His support came in the form of direct and indirect tweets supporting Dogecoin. Throughout the period, whatever Elon Musk said about Dogecoin was taken as a revelation. Elon Musk mainly talked positively about DOGE among any other cryptocurrencies.

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It was indeed in the first half of the year 2021 when DOGE hit its all-time high. It happened when Elon Musk announced they will accept DOGE as a mode of payment for purchases at their online Tesla stores.

Demise of Dogecoin

Unfortunately, Elon Musk stopped showing his support for Dogecoin in the second half of 2021. Therefore, the trading price of Dogecoin started losing its ground. It didn’t mean that Elon Musk had turned a blind eye towards Dogecoin or he had stopped supporting it. He simply stopped talking about it in any of his tweets whatsoever.

From that point until now, Dogecoin hasn’t been able to even come close to the all-time high it had achieved back in May of 2021. At the time of writing, the trading price of Dogecoin is worth $0.08771. Its price has reportedly dipped by 88.10% from the time when it hit its all-time high of $0.7376.

Elon Musk has lost his Magical Touch for DOGE

After almost an entire year, it seems that Elon Musk has started missing DOGE. Just recently, Elon Musk has started retweeting about DOGE and its market potential.

Unfortunately, it seems that he has lost his magic for the largest meme coin. Now, his DOGE tweets are not gaining much traction from his followers. This means that the majority of the followers are not willing to invest in DOGE.

Other speculations surrounding the people not buying DOGE can be that they are pressurized by the government. In recent months, the inflation rates have skyrocketed that have forced the mainstream institutions to increase the interest rates. This seems to be stopping the investors from investing extra money into Dogecoin.

Practicality will Help DOGE Grow

Elon Musk seems to have realized that his tweets have lost their touch for DOGE. Therefore, he has grown a level further. Now, he is adopting DOGE through his companies such as Tesla and SpaceX. This way, it is expected that the trading price of Dogecoin may start rising significantly.

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