Elon Musk, who defines himself as the “Dogefather” in the crypto space, seems to be rapidly losing the interest of his followers who are interested in cryptocurrencies on social media platforms in the last few weeks. He was specifically accused of manipulating the Bitcoin and Dogecoin market.
Musk’s failure began with the DOGE fall on May 8. The price of the coin dropped 18% that day, and then another 71.24% by May 19. According to some Twitter commentators, this was due to Musk’s comments on Saturday Night Live on Saturday, May 8th.
Elon Musk has been criticized from some circles, including Binance CEO CZ, for making irresponsible comments given his high position.
On May 13, Elon published a post stating that Tesla was suspending vehicle purchases using BTC.
“We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
After this announcement, the BTC price dropped.
Later, on May 24, Elon Musk announced that he would hold a meeting with North American Bitcoin miners. Although the announcement seemed to have boosted the BTC price from around $34.5k to $39.5k, the bullish momentum quickly faded, driving the market into another decline.
Despite Elon’s tweet aimed at promoting DOGE, the coin fell even further. DOGE, which declined by about 8.91% during the day, started to get rid of the influence of Elon Musk.
Many argue that Musk is now too weak to manipulate the cryptocurrency space. Investors realized that the market direction is driven by sensible demand and supply and is not a one-man show. So they turn a blind eye to the shows of the Doge father.