The "Elon Musk Effect," a phenomenon is starting to wear off! The Musk Effect is a term that entered the crypto space this year when every little tweet , announcement or appearance from the Tesla CEO could send token prices skyrocketing or plunging. I'm excited to see his influence seems to be losing its luster.
The billionaire has been a key driver of the volatility in bitcoin and dogecoin after announcing Tesla's $1.5 billion bitcoin bet and praising the meme-inspired asset's potential then contradicting himself selling his coins at ATH then taking to the internet to warn investors about the environmental impact triggering a bear market...
Musk tweeted in support of dogecoin on Thursday by saying "Release the Doge!" alongside a Godfather-inspired meme depicting actor Marlon Brando.
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The coin's price lifted slightly, but not as much as it would have a few months ago. For instance, dogecoin surged 20% in May when he ran a Twitter poll to ask whether people wanted Tesla to accept the token as payment.
Musk tried agin by sending out yet another tweet on Friday with an image of a man on his laptop, seemingly laser-focused on dogecoin and the game Polytopia on the screen.
I stopped caring about Elon a long time ago and other are jumping on the bandwagon and are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets.As of Friday, dogecoin's price has dropped about 65% to about 24 cents since its peak of 68 cents in May so following Elon towards the late bull cycle has cost people significant amounts. Those who got in early and sold ATH made out will millions, but those stories are few compared to those who lost money.