After his conversation with Jack Dorsey and Cathie Wood, Elon Musk finds his way back to the old Twitter form. However, the crypto community remains skeptical.
Not even a week after his comments on “The B-Word”, Elon Musk apparently finds its way back to old form. So yesterday morning the Tesla CEO restarted the Twitter machinery and lived up to his name as “Dogefather”. Over the weekend, the multi-billionaire posted a series of memes on his account. Of course, a contribution to his favorite coin DOGE could not be missing. This time Musk used the popular one matrix-Row.
According to Musk, Dogecoin is not a speculative asset, but a contender for a full-fledged currency. In the meantime, however, the tweets shouldn’t really surprise anyone in the crypto space. The serial entrepreneur has already tried to influence the meme currency with his contributions in the past – sometimes more, sometimes less successfully. In addition, the assumption has been increasing recently that Musk could be one of the 20 ominous DOGE whales through his PR campaigns. In a talk with Jack Dorsey and Cathie Wood, the Tesla boss tried to refute these allegations. Although he is invested in the meme currency, the majority of his crypto portfolio is made up of Bitcoin. How high his DOGE population actually is remains a mystery.
Dogecoin course barely responds to Elon Musk
This time, however, the PR campaign doesn’t seem to have achieved much. A mini rash of 3.5 percent lasted for just under an hour and then flattened out again. Much more likely the DOGE course was drawn to the north by the rumors about a planned Bitcoin integration of Amazon. According to insider information, the US company is about to allow crypto currencies as a means of payment on its own platform. As a result, almost the entire crypto market reacted with massive price gains. So does Dogecoin, at the time of going to press DOGE was trading at $ 0.22 – around 13 percent higher than 24 hours ago.
One reason for the declining correlation between Musk and DOGE could be that some of the investors seem to have not yet forgiven the Tesla boss’s Twitter escapades with regard to Bitcoin. As a reminder: at the end of May, the multi-entrepreneur sparked a discourse beyond the boundaries of the crypto space with statements on the energy consumption of the crypto key currency. Shortly afterwards, his company Tesla suspended the payment function with BTC for an indefinite period of time. When Musk then prophesied last Wednesday evening that the e-car manufacturer would “probably” unlock Bitcoin again, this did not necessarily have a positive effect on the reputation of the self-proclaimed “dogefather”.
Under his current one Tweet a polarized picture appears. On the one hand, there are users who join Musk’s meme series, on the other hand, other users criticize the multibillionaire. For example, the US psychologist Geoffrey Miller writes:
Why are you undermining people’s trust in @Tesla and @SpaceX by tweeting about obsolete memecoins? If you want to support the crypto industry, stop treating it like a childish joke. Rather, show some appreciation for real projects with real dev teams, use cases and communities.
Geoffrey Miller on Twitter
With the flash crash a little more than two months ago, the crypto space seems to have grown up. It remains to be seen whether this setting can be retained in the current Bullrun. Elon Musk is likely to be interested in regaining his playful crypto-friendly reputation in the meantime.