Elon Musk has been a vocal supporter of Dogecoin (DOGE) in 2020-2021, with the coin often rising in response to his Twitter posts. However, on September 7, Musk posted a DOGE meme that had no effect on the cryptocurrency’s price. Despite the overall market recovery, Dogecoin remained in the red, down 3.31%. Other coins, such as Starknet and Uniswap, saw gains of between 3% and 11%.
The court also dismissed a lawsuit against Musk and Tesla for manipulating the price of Dogecoin, saying his statements could not be taken seriously. The lawsuit, filed in 2022, accused Musk of manipulation that led to a 36,000% rise in DOGE, followed by a crash.
Based on recent events, it can be assumed that Musk's influence on the crypto market is decreasing, and DOGE is no longer reacting to his posts as before, which indicates that the market is maturing.
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