Thursday, July 29, 2021
HomeEnd of the Musk pump? Dogecoin barely moves after Tesla joke

End of the Musk pump? Dogecoin barely moves after Tesla joke

They are saying all good issues come to an finish, and the Elon Musk-inflicted Dogecoin pump isn’t any stranger to that.

“Possibly if it sees a Shiba Inu, the automotive renders a Dogecoin,” stated Musk in a reply to a tweet at this time, with the unique put up merely stating: “#TeslaVision can certainly see canines!.”

The costs, uncharacteristically, nonetheless, budged little. DOGE moved from $0.2008 to as a lot as $0.206 earlier than barely correcting. However the transfer was in contrast to how the market reacted to Musk’s Dogecoin tweets (as recently as just a few months in the past)—showcasing a common pattern of such moves being priced out as they grew to become commonplace.

Picture: DOGE/USD by way of TradingView.

The Dogecoin recreation

Musk, CEO of electrical carmaker Tesla, house exploration agency SpaceX, and different tech-forward companies, gained notoriety in crypto circles over the previous yr after incessantly shilling for an excellent a part of late-2020 and early 2021.

The play was normally as follows: Musk oft-mentioned Dogecoin (as a meme, or typically as a function), with DOGE pumping tens of p.c within the minutes afterward. The primary few such tweets despatched DOGE roaring over 100%, ultimately powering the token to a peak worth of $0.70 (at a $86 billion market cap).

Whether or not or not Musk personally benefited from the strikes is left to 1’s creativeness. However one factor is for positive: The tweets steadily lowered of their market impression over time, with preliminary fascination about Musk and DOGE (in crypto circles) slowly turning to a common sentiment of why do it?

The 100% positive aspects slowly simmered all the way down to 70%. Then 50%. Then 20% after which 10%. And they’re now all the way down to a small fraction of their preliminary impact.

As such, as one of many world’s richest males, Musk has little to achieve from pumping Dogecoin. However memes and jokes aside, he does appear to point out curiosity within the memecoin’s future prospects.

Earlier this month noticed Musk lengthen his assist to an upcoming replace on Dogecoin, making charges even cheaper and transactions even quicker on the community. He even positioned the memecoin forward of Bitcoin and Ethereum, the world’s largest cryptocurrencies, in a separate tweet final week, calling out the latter’s (supposed) lack of scalability for on a regular basis audiences.

However don’t despair should you’re searching for the Musk pump simply but. The play is still alive in other memecoins….as ‘Child Doge’ holders lately discovered.

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