ElonMusk lost his power? Posts about DOGE, nothing happens
Elon Musk actively championed Dogecoin ($DOGE ) throughout the previous cycle, from 2020 to its 2021 peak, with DOGE’s price closely following his Twitter activity. His memes and posts often triggered positive reactions in DOGE’s price.
However, the landscape seems to be shifting in the crypto world. Dogecoin remained largely unaffected after Musk's recent post on September 7. In the post, Musk shared an AI-generated image with the acronym D.O.G.E., referencing the “Department of Government Efficiency,” a title Trump jokingly offered Musk if he wins the 2024 U.S. presidential election.
Despite this, DOGE’s price showed little reaction.
While the broader market experienced a recovery from a recent low, DOGE lagged behind other top gainers like Starknet (STRK), Sui Network (SUI), Optimism (OP), JasmyCoin (JASMY), and Uniswap (UNI), which posted gains between 3.39% and 11.66%. This signals that Musk’s public mentions no longer hold the same influence over DOGE’s price.
Elon Musk and Tesla Cleared in Dogecoin Price Manipulation Lawsuit
In related news, Judge Alvin Hellerstein recently dismissed a price manipulation lawsuit brought by Dogecoin investors against Elon Musk and Tesla. The lawsuit, filed in June 2022, alleged that Musk’s influence over DOGE led to a 36,000% surge, followed by a crash, causing $258 billion in damages. However, the judge ruled that Musk’s statements weren’t serious enough to constitute manipulation.
Despite past allegations, the lack of price movement following Musk’s latest post suggests a maturing market, less prone to reacting blindly to high-profile figures like Musk.
Source - finbold.com
