Elon Musk has become a name known to most remotely aware of cryptocurrency. With over 55 Million followers on Twitter, the CEO of Tesla and SpaceX has been shaking the crypto world with his witty tweets.
Every time he tweets about cryptocurrencies, the market seems to react to them. However his latest attempt to pump Dogecoin failed its objective.
Dogecoin (DOGE) prices surged but did not skyrocket like it usually would after receiving another cheerleading tweet from the Tesla CEO on Twitter on July 1.
The billionaire entrepreneur who is trying to ferry people into Mars published a tweet at around 8:43 am UTC — Musk captioned the tweet “Release the Doge!”
Seconds after the tweet was posted, the DOGE/USD exchange rate surged from $0.24 to $0.261 — about 8.42%. A sell-off followed suit, which took the pair as low as $0.247. Just then, at 9:24 am UTC, Musk made another tweet.
DOGE/USD rose 5.22% to $0.260 after the second tweet. Dogecoin price closed the day with 0.51% gain, hinting that Musk’s influence on the cryptocurrency market is in decline.
Earlier this year, the Tesla CEO’s endorsement of Dogecoin caused massive retail-led price spikes following a series of cheerleading tweets. Dogecoin rose 130-fold, a market capitalization of about $80 billion in May worth more than the GDP of 120 different countries.
DOGE is now worth less than one-third of its peak value two months ago, primarily due to a significant crypto market correction that saw almost all the top-cap assets — including Bitcoin (BTC), Ether (ETH) and XRP — crash by more than 50% as well.