Tesla CEO Elon Musk’s frequent public comments about Dogecoin (DOGE) and Bitcoin (BTC) are harming the cryptocurrency industry, according to some.
A Reddit user said in a post Thursday that Musk could lose credibility in the cryptocurrency. The account holder was referring to Dogecoin that Musk tweeted.
“This doge situation seriously harms crypto”
The comment turned into a heated discussion as it attracted over 700 reviews as of the date of its publication on r / CryptoCurrency
A commentator on the post stated that he observed that “pumping operations of” influencers like cryptocurrency, Pump & Dump transactions, fraud, etc. “have been going on in bitcoin for a longer time.
Some were not afraid of government regulations. One person said, “It’s too late. The nose of the state is already in crypto. At the very least, regulations regarding DOGE pumps and dump are required. ”
Why is it important?
Musk has a mostly joking history of tweeting about both Bitcoin and Dogecoin. Dogecoin-themed tweets sparked crazy price movements in the cryptocurrency.
The other day, Musk updated his Twitter bio to “Bitcoin”, which caused the cryptocurrency to skyrocket.
However, it is not only Musk who has changed cryptocurrency prices with his tweets, Reddit users have done the same in the recent past.
The Reddit forum seems to be inspired by SatoshiStreetBets – r / WallStreetBets, a forum account that posts posts by GameStop Corp (GME), AMC Entertainment Holdings Inc (AMC) and others.
Musk’s latest tweets on Thursday led to a 50% increase after DOGE described the Shiba Inu-themed crypto as “The People’s Crypto”.
While DOGE was preparing for publication, daily 10 percent declines were traded at the price of 0.0472, while Bitcoin (BTC) was moving at $ 38,000, up 3 percent daily.