The expert shares an opinion about the weakening of the influence of Elon Musk on the crypto industry
Dogecoin needs no introduction as a meme coin. The total price of a digital asset has been subject to serious fluctuations even against the backdrop of a steadily growing market in recent years. Community members believe Tesla CEO Elon Musk is largely responsible for its volatile price.
It is the entrepreneur who is credited with a huge influence on the growth and fall of the DOGE rate and the manipulation of the market makers in the crypto industry. However, it seems the end is near.
About a week ago, it appeared Tesla retained all of its assets in Dogecoin and sold a significant portion of its investment in BTC. However, Dogecoin did not experience a decisive price spurt.
The meme crypto coin has risen in price by about 6%, while the cost of the first cryptocurrency has grown by 8% over the past 7 days. That is, the usual hype around DOGE after Musk’s statements did not happen.
According to the crypto expert Sharat Chandra, active members of the community are no longer responding positively to the public comments of the “father of DOGE” about meme-coin.
Delta Blockchain Fund technical analyst Smith Hahhar believes the current weak reaction of crypto enthusiasts to the comments of the head of Tesla can be explained by the reluctance of investors to invest in a bear market.
During the bull market, price action was sensitive to Elon’s tweets and comments. Now, due to the fall in prices for cryptocurrency, fear reigns among crypto investors, the expert is sure. This may be the reason why the markets are no longer sensitive to his comments.
And this doesn’t suit Dogecoin. According to Hakhhar, the impact of the bear market is noticeable in the case of other coins such as Ethereum. The expert pointed out that due to the economic downturn, the market does not even react to such long-awaited news as confirmation of the date of transition to ETH 2.0.
Sharath Chandra suggested this could be the beginning of the end of Musk’s inadequate influence on the crypto industry. And what would you suggest?