Pro-DOGE tweet inconsequential for price: ‚Elon Musk‘ effect already fizzled out?
Elon without panache: the Tesla boss agreed with DOGE fans on Twitter yesterday that Dogecoin should be listed on Coinbase. However, the price of the coin only moved slightly.
Since the Securities and Exchange Commission (SEC) mentioned that it may want to have a word with Elon Musk regarding a possible solicitation, the Tesla CEO has chosen his public words carefully. The exuberance he and many other high-profile figures displayed for Crypto Genius review earlier this year has faded. However, the CEO is still attached to Dogecoin with a twinkle in his eye. And perhaps a sense of normality has returned.
Well-known Dogecoin twitterer @itsALLrisky asked Musk about the idea of DOGE becoming Coinbase too. Musk recently tapped Coinbase to facilitate the Tesla purchase of 1.5 billion BTC. Musk’s answer? Yes!
Not the moon for DOGE
In the fifteen hours since the exchange, the DOGE price has risen by about 5%. Bitcoin, which hit new all-time highs and broke through the psychologically important $60,000 mark, is up over 6.6% at press time.
Its market capitalisation is up 4.9% at the same time. So the Musk exchange has had little effect. In early February, a report by Blockchain Research Labs showed that Musk’s tweets could lead to abnormal gains for both Bitcoin and Dogecoin.
In particular, Musk’s famous „One word: DOGE“ tweet increased the coin by 8.17% in five minutes and 17.31% in one hour.
Also not 100%
Even during the euphoria, Musk’s tweets don’t always pump. His Christmas tweet, for example, came after the market had moved.
His tweets on 15 February, when he claimed he was concerned about concentration in the DOGE market, had a temporary and negative impact on the price, but it recovered to previous levels.
Musk, Tesla and Bitcoin
In February, Musk, or rather his company Tesla, moved the market in a more substantial way. Tesla bought $1.5 billion worth of Bitcoin for its commercial reserves.
The purchase, with the help of Coinbase, took Bitcoin over the $42,000 mark in a short time with a 12% gain. Tesla also announced that it would begin accepting Bitcoin for the purchase of its automobiles.