The prices of various cryptocurrencies, their rise in terms of market domination, and calling the favorites of these among investors have been possible due to the direct involvement of influencers like Elon Musk and their tweets. This is not the whole reason for such things, but these have been affecting the mentioned factors in great capacity. This is kind of a long story that unravels slowly but to take you up to speed, here it goes;
Musk has always been a fan of Dogecoin and, through multiple tweets of his, has been trying to pump its price, which kind of work a few times, and then it stopped working as people kind of strayed away from this whole scenario. Then came Elon’s big SNL (Saturday Night Live) debut, where he talked about Dogecoin, what it is and why people should be hyped about the cryptocurrency.
Even his mother made a joke that she wish Elon get her a bunch of Dogecoins on the upcoming Mother Day. This was not taken as an initiative by traders and investors to kind of lean into Dogecoin, and there was no indication that Dogecoin’s price is improving. In fact, it took a reverse, and the price dropped viciously.
Elon Musk Terminates his Support for Bitcoin over Environmental Issues
This was all about Musk and his Dogecoin-oriented endeavors; recently, Tesla has decided to dump all of its $1.5 billion that they invested into Bitcoin on the grounds that Bitcoin is not an environment-friendly cryptocurrency. This has pushed the price of Bitcoin down the plummet, and it keeps on decreasing ever still. Of course, Musk has made the tweet about the action-intensive path the company seems to be taking regarding the recent Bitcoin dump. In his recent set of tweets, Musk has explained how Bitcoin has a strong carbon footprint when it comes to mining and transactions taking place on the Blockchain.
According to Musk, who has resigned from the position, Tesla will not continue with bitcoin-oriented payments and transactions. Still, if the process ever gets environmentally stable, they will think about it. This is not a classic move but definitely, a classic mind game that Elon Musk has been playing with the crypto market all along; it seems no one should be given this much influence over a commodity.