Mark Weaden
Elon Musk has almost been the face of cryptocurrency, or atleast was for a long period of time, before Tesla and Bitcoin parted ways earlier this year. The Tesla CEO boasts of his ability to control the cryptocurrency market by tweeting about relative coins, the likes of Dogecoin and Bitcoin to name a few.
While this may be something he has enjoyed, it hasn’t been well received by those crypto enthusiasts out there. The volatility Dogecoin and Bitcoin has experienced this year is in a large part down to the influence of his Tweet, with Tesla’s breakaway from Bitcoin seeing the price plummet to lower than it’s been so far in 2021.
However, the latest entry from Musk hasn’t influenced the market quite as much as it once did. Thursday last week, Musk tweeted “Unleash the Doge!”, which saw a slight adjustment in price, but nothing of any great significance. Then again on Friday another Dogecoin-related tweet, which was met with little movement in the market price of this meme-based cryptocurrency.
It would seem that the public are tired of his antics. Investors have seen what he’s done in the past and seem to be realising that he’s simply manipulating the market. Nobody should have that much power and it’s a positive change for Bitcoin and crypto, seeing that the market isn’t as affected by one man’s influence.
The crypto community is self-standing and embodies the philosophy of DeFi, not relying on the likes of celebrity billionaires for an influential voice. The community seems to be growing weary of Musk’s tweets, with many hoping his gimmicky tweets will fall off and leave a less volatile crypto marketplace.
A more stable marketplace would be hugely appealing to investors and help to drive the value of the crypto sphere, attracting investors and adding credence to the suggestions that blockchain technology is the future. Bringing a sense of balance to crypto markets is the principal criticism crypto skeptics have and with crypto turning it’s back on Musk, it’s one big step closer to finding stability.
