Elon Musk attempted to raise the trading price of Dogecoin, but appears to have failed. Does this mean his influence on the best cryptocurrency meme token is over?
Elon Musk is the most popular and wealthy person in the world. He is mainly known for his innovative ideas and revolutionary projects. He is the owner of electric car manufacturing giant Tesla, Neuralink, space rocket company SpaceX, and X (formerly Twitter). In 2020, Musk jumped into support of Dogecoin, and within a year, Dogecoin trading prices soared nearly 300 times due to Musk’s influence.
Musk typically talks about Dogecoin through his X (formerly Twitter) account.
On February 11, 2024, Musk tweeted that he loved dogs. Indirectly he said he likes Dogecoin.
His tweet caused Doge’s trading price to skyrocket by nearly 2.2%, before bouncing back to its normal trading price within a few hours.
A single tweet from Musk in 2021 could have boosted Dogecoin’s trading price by at least 10%, but the current fluctuations show the end of his influence on meme token enthusiasts.
Earlier this year, the Tesla CEO successfully used a photo of his dog as CEO of Company X to quickly increase the trading price of Dogecoin.
In the multi-billion dollar Dogecoin lawsuit, Elon Musk is accused of insider trading. According to several people, Musk has sold nearly $124 million worth of Dogecoin in the past.
According to reports, Musk replaced Company X’s logo with the Dogecoin logo and successfully pumped it up to 30% solely for personal gain.
The Dogecoin lawsuit appears to be over, as there has been no public news regarding the case since mid-2023.
In 2023, Musk said at a court hearing that he talks about Dogecoin because he wants people to talk about the issue, and he also said he likes dogs, so posting pictures of his pets on social media is a deal-breaker. It doesn’t mean you’re manipulating it. Among all crypto tokens.
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