In 2021, Elon Musk's influence on the cryptocurrency market caused major fluctuations in the prices of digital assets such as Bitcoin and Dogecoin. Musk's social media posts were a factor that caused both increases and decreases. Musk, who is on the agenda again today, attracted attention this time with a post about Dogecoin.$DOGE
Musk recently asked in a humorous post, “Who released Dogecoin?” and included a Shiba Inu dog in his post. Although this post excited Dogecoin investors, there was no significant change in the price of the cryptocurrency. Dogecoin continued to trade at around $0.33 even after Musk’s post.
In the past, similar posts by Musk instantly moved the prices of Dogecoin and other meme coins upwards, but this time the same effect was not observed. This situation led to different comments among investors. Along with this stagnation in Dogecoin, Bitcoin is also trading at around $98,760. It is predicted that movement will begin in the altcoin market if BTC exceeds the psychological resistance level of $99,500. Dogecoin investors, in particular, hope that the leading cryptocurrency reaching a new level can have a positive effect on altcoins.
Some analysts believe that Elon Musk’s influence is weaker than in previous years. They point out that in current market conditions, social media posts alone do not create a sufficient impact. The cryptocurrency ecosystem now has a wider investor base and different dynamics.