Is the ‘Musk Effect’ on the crypto market starting to fade?

Elon Musk’s influence on cryptocurrencies seems to be waning. SpaceX and Tesla CEO Elon Musk has largely influenced cryptocurrency prices since the beginning of this year. But now his tweets about cryptocurrencies have started to fade away on his prices. This can be gauged from his recent tweet.

Recently Elon Musk made a tweet in support of Bitcoin. In it he wrote, “Leave the dog.” Also she posted a meme inspired by The Godfather with actor Marlon Brando. This showed a slight jump in the price of Dodgecoin, but not as much as was seen a few months back. For example, in the month of May, when Elon Musk asked people on Twitter if they wanted Tesla to accept DodgeCoin as payment? Dodgecoin saw a 20 percent jump in price at that time.

Musk sent out another tweet on Friday with a photo of a man on his laptop, who appears to be laser-focused on DodgeCoin and the game Polytopia on the screen. But this also did not have any significant effect on the prices of cryptocurrencies.
This indicates that now investors are ignoring them. Perhaps investors have come to the realization that the comments of a single individual cannot determine the fate of a digital coin. He believes that no one person can determine which digital coins investors should buy and which coins should be ignored.

Dodgecoin’s price dropped nearly 65% ​​from May’s peak of 68 cents to around 24 cents on Friday. Critics criticized Musk and his tweet strategy for allegedly manipulating the market. With millions of people investing in cryptocurrencies, it is potentially dangerous to have that much power in one person’s hands. This can encourage investors to make decisions with minimal or no research. On July 7 at 5 PM (IST) till the time of writing this news dodgecoin price in india 17.47 Rs.

Bitcoin was trading around $33,000 on Friday, down nearly 50% from its peak in April. It is up about 15% so far this year. On July 7 at 5 PM (IST) till the time of writing this news bitcoin price in india 26 lakhs Rs.

An effective voice makes it difficult for investors to balance investment and skill amidst the flow of information. But now it looks like the crypto community may have grown tired of Musk’s tweets, which could further diminish his influence in the times to come.