The crypto market stopped responding to Elon Musk’s tweets. The last mention of the altcoin on the businessman’s Twitter page did not provoke an increase in quotations. Recall that earlier, the Elon Musл repeatedly mentioned altcoin in his tweets and this led to a sharp increase in its rate. Why did it happen so? Read on for all the details.
Since creating his account in 2009, Musk has posted over 13,400 tweets, many of which have sparked violent reactions in the stock markets.
On July 13, Tesla and SpaceX CEO Elon Musk tweeted Dogecoin again. The businessman joked that Tesla cars might display the Dogecoin logo if they drive past Shiba Inu dogs.
Due to frequent mentions of Dogecoin in early May, the altcoin reached an all-time high of $ 0.73 (an increase since the beginning of the year by 18,150%). As of July 13, the value of a digital coin is $ 0.20. Dogecoin price dropped 72% as a result of the crypto market crash that occurred in mid-May.
Altcoin quotes practically did not react to Musk’s mentioning. Dogecoin price rose by 2% and immediately returned to its previous values.
The last time Musk mentioned Dogecoin was when he mentioned the advantages of altcoin over Bitcoin and Ethereum. As a result, the value of a digital coin increased by 14% within two hours.
Who is Elon Musk?
Elon Musk is a 50-year-old American businessman, inventor, and billionaire. At the time of the 50th anniversary, the entrepreneur’s fortune is estimated at $ 166 billion. Over the past year, since the 49th anniversary, it has almost quadrupled – mainly due to the growth of stock quotes of the electric vehicle manufacturer Tesla.
Why did the market stop responding to the Elon Musk opinion?
1) Probably, investors have become more careful about the words of the billionaire. We all remember that Musk’s tweets and their impact on currency rates had a strong impact on the sustainability of the industry. In addition, speculators who “accelerated” the market received the greatest effect from the previous tweets. If at first the market really reacted to Elon Musk’s tweets with growth or decline, then later it became obvious to everyone: the head of Tesla is either speculating or pursuing his goals, or is simply trying to attract attention to himself. The market is tired of this, which is why Musk’s recent publications have not elicited any reaction.
2) As analysts note, ordinary participants in the crypto industry pay less attention to Elon Musk, since he is only one of many investors, and his voice for digital assets is somehow not decisive
Do you agree that the same tool stops working if you use it repeatedly? After all, the period of great interest in his tweets about digital assets has passed, the market is not responding.
Do you have any experience of investing in cryptocurrency? What strategies do you use? Share your opinion in the comments below! I would be happy to answer any questions or submit your project to my team at Astorts Group for evaluation.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.