The “Elon Musk Effect,” a phenomenon that has shaken the crypto ecosystem this year, when each and every one of the Tesla boss’s little tweets can skyrocket or sink symbolic prices, turns out to lose its luster.
The billionaire has been key in the volatility of bitcoin and dogecoin after pronouncing Tesla’s $1. 5 billion bet on Bitcoin and lamenting the prospect of the meme-inspired asset. More recently, its break with bitcoin has returned it to the values noticed since the beginning of the year.
But as we move into 2021, Musk’s influence is no longer as relevant.
Musk sent another tweet Friday with the symbol of a guy on his laptop, laser-pointed at the dogecoin and polytopy game on the screen.
“It turns out that investors no longer listen and yet they realize that one-man tweets deserve not to be decisive in buying or promoting their assets,” said Alexandra Clark, sales agent at GlobalBlock, a UK-based virtual company. asset broker, he said Friday.
Several investors huddled in dogecoin through trading app Robinhood, which said Thursday that the token itself represented 34% of its crypto profit in the first quarter of this year. The company warned that its business could be affected if the currency is requested. decreased and was not replaced through interest in other cryptocurrencies.
On Friday, the value of dogecoin had fallen about 65% to around 24 cents from its peak of 68 cents in May.
Since Musk’s breakup with bitcoin, the world’s most popular cryptocurrency has gone through a sure pause. He didn’t react much when the billionaire recommended “promising” end results from a discussion among bitcoin miners to make the asset greener, or said Tesla would start accepting it as payment when miners turned out to be using 50% blank energy.
Bitcoin last traded around $33,000 on Friday, nearly 50% less than its April peak, but it’s still up about 15% so far this year.
It becomes tricky for investors to make investments and balance the skills to be temporarily absorbed through the crypto market amidst a series of data from a single influencer. But it’s very likely that the encryption network has grown tired of Musk’s tweets. perhaps making its influence disappear like some other passing fad.
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