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Elon Musk is known within the crypto community for his price-moving tweets. However, it appears that the Tesla CEO might be losing his touch as his latest social media posts failed to substantially affect the prices of Bitcoin (BTC) and Dogecoin.
The billionaire is known for sending the crypto market crashing or skyrocketing with just a single tweet, a phenomenon now referred to as the “Elon Musk Effect.” For instance, the crypto market crashed in May after Musk announced on Twitter last May that Tesla is no longer accepting Bitcoin (BTC) as payment for its cars.
But Musk’s influence on crypto prices appears to be waning, according to Business Insider. Unlike his previous social media posts, his recent tweets failed to significantly move crypto prices.
On Thursday last week, Musk tweeted “Release the Dodge!” with a Godfather-themed meme showing Marlon Brando. Dogecoin’s price rose only slightly, which is unlike May’s price movement when the crypto surged by 20 percent after he posted a Twitter poll asking his followers if they want Tesla to accept Doge as payment.
“It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets,” said Alexandra Clark, a sales trader at the UK-based digital asset broker GlobalBlock.
When Musk’s series of tweets in May sent Bitcoin’s (BTC) price to around $33,000, many investors were angry at Musk for sending the value of their crypto holdings tumbling. Some crypto bulls even wished the Tesla COE would stop tweeting about cryptocurrencies and focus more on building cars.
“People who followed Musk blindly have lost a lot of money,” Celsius founder and CEO Alex Mashinsky said. “They may have gotten burned and never come back.”
He also hinted that perhaps it is best for Musk to tone down his tweets. “The crypto community needs to be more responsible in how it explains these assets and the risk,” he added. “Pundits kept saying we'd never see a down market for bitcoin again because of institutional interest, Square and PayPal, etc. When you hear that, you have to worry.”
