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BCH $544.31 (-11.%)
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Dogecoin Price Drops Even After Elon Musk’s Latest Tweet

Dogecoin Price Drops Even After Elon Musk’s Latest Tweet
  • Elon Musk’s tweets fail dismally in increasing DOGE price
  • DOGE/USD price is currently trading at half of its all-time high in May

Even after Tesla CEO Elon Musk’s latest tweet, Dogecoin has not skyrocketed in price. The cryptocurrency is currently trading at $0.24 at the time of writing. This is half the price of its all-time high of $0.76 on May 8, 2021. It seems Elon Musk’s tweets are no longer that efficient in pumping up the price of Dogecoin.

The prominent figure in the crypto space, Elon Musk posted a tweet captioned ‘Release the Doge’ on his account. The tweet appeared on July 1, 2021, at around 8:43 am UTC. In detail, the tweet has capitalized text that reads ‘YOU COME TO ME AT RUN TIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE’.

The tweet has not contributed much to increasing the cryptocurrency’s price. Soon after the tweet, the DOGE/USD exchange rate rose to $0.261 from $0.24. However, the pump in price did not last long as DOGE/USD plunged once more to $0.24.

In an attempt to positively motivate the DOGE community, the ‘DOGEfather’ sent another tweet on his account. At 9.24 am UTC Musk tweeted the message ‘Baby Doge, doo, doo, doo’. Which is derived from the baby shark song.

Following the second tweet, DOGE/USD rose 5.22% to $0.26. In the next couple of hours after the tweet, the crypto dropped once more. This is a hint that Elon Musk’s influence in the crypto market is slowly declining. Firstly,  NFTeddy a crypto investor commented that “damn it. not even @elonmusk can pump Dogecoin anymore. we are all going to die poor, are we”.

More so, another crypto follower notes that even Elon tweeting about Dogecoin doesn’t work anymore. Consequently, as the year began Musk’s tweets caused a significant rise in the price of Dogecoin. Even more, the cryptocurrency market cap even peaked at $100 billion in early May. DOGE also surged to its all-time high.

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