A week after Elon Musk caused one of the biggest dips in cryptocurrency history, he has started tweeting about Dogecoin and Bitcoin once more: leading to an absolute mess in prices and slowly losing the faith of his followers. Dogecoin started as a joke. In 2021, however, the joke appears to have turned on those who didn’t take the meme cryptocurrency seriously. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. The growth in prices results from a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. On May 7, Dogecoin has touched 70 cents, just 30 cents away from the 1-dollar mark. As of 25th May, 8 AM IST, the price of Dogecoin is $0.35 with a 19% upward tick in prices in the last 24 hours. The current market cap for the currency is $46.05 billion.
The value of the cryptocurrency, however, dipped again in the following weeks, and a recent drop in most cryptocurrency prices like Bitcoin, Ethereum last week. And then Tesla CEO and SpaceX boss Elon Musk returned to his old tricks: Tweeting about cryptocurrencies again, causing a spike in prices.
He started with Bitcoin, and apparently, had the solution to the very problem he had mentioned in his reason for Tesla to drop accepting Bitcoin as a payment method.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.— Elon Musk (@elonmusk) May 24, 2021
Then he moved onto his favourite currency, Dogecoin, by replying with a meme in the poster-style of ‘Jaws’ movie to say that Dogecoin will reach a dollar soon.
Then Musk asked for suggestions on the development of Dogecoin.
And then finally he mocked the concept that the bull run of cryptocurrency was over.
After Musk’s tweets, Dogecoin has experienced a 19% change in value, and Bitcoin has recorded a 9.74% change – both positive trends for cryptocurrencies that were struggling last week (also in part due to Musk.)
But not everybody is happy – Cryptotwitter, who once used to hang on to Musk’s every tweet appears to be losing patience.
elon i cant not believe you do this to cryptocurrent market … man. i loose whole life saving and cannot afford many food any .you make money off of hard working man money and you can not get away with this… i have lose 100 thousand and i eat bread sandwich for all meal— wadu (@waduPUBG) May 24, 2021
You have started again— $ Ladykhandy (@charlinekhandy) May 24, 2021
Infact, crypto traders are so pissed they even have a new cryptocurrency to cancel Musk, called ‘Stop Elon.’
Crypto enthusiasts have stopped enjoying Musk’s tweets since he announced that Tesla will no longer be accepting Bitcoin as a payment method. Over the weeks, the response to Musk’s tweets has become increasingly negative – with people blaming him solely for the rise or dip in prices, saying it cost them a loss and he’s ‘manipulating’ markets. Some took this a step further – by making a cryptocurrency solely dedicated to stopping Musk: $StopElon.
The currency created on the blockchain Binance Smart Chain, is currently trading at $0.0000602143 with a market capitalisation of nearly $30 million, according to Poocoin. The official website for the token reads, “a community created to take over Tesla and stop the biggest market manipulator of them all.”
It further explains why Musk’s behaviour is fault: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again, causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It’s ridiculous!
Read all the Latest News, Breaking News and Coronavirus News here