Coin Edition -
- Elon Musk recently posted about Dogecoin on X but the post did not impact DOGE like in the previous times.
- Some crypto users think the famous internet figure attempted to shill DOGE at the wrong time.
- DOGE traded for $0.1566 at the time of writing after recovering from a weekend dip that saw the price fall to $0.1306.
On Tuesday, Elon Musk, CEO of X, posted about Dogecoin on the foremost social media platform. However, the post did not have the characteristic impact of similar posts in the past.
This time, Musk shared a still image of a Roman Emperor and a centurion, with both figures having distinct facial expressions. He depicted himself as the centurion, while the Emperor represented the mainstream media having to cover Dogecoin as a top 10 crypto.
pic.twitter.com/wXlbpNU97H— Elon Musk (@elonmusk) April 15, 2024
In the past, such indirect posts by the X owner sent the crypto market into a frenzy, especially Dogecoin. Many crypto users believe Musk used that pattern to inject the Fear Of Missing Out (FOMO) into the market and deliberately influence the pieces of specific cryptos like DOGE.
Meanwhile, Musk’s post did not impact the memecoin’s price. DOGE continued in the prevailing crypto market trend, trading within a tight range after last weekend’s dip. Nearly 18 hours after the post, DOGE did not experience any volatility.
Although Musk’s recent post about Dogecoin did not impact the crypto market, it attracted significant engagement from the crypto community on X. As of the time of writing, over 6,000 users commented on the post, with 17,000 others retweeting. The post also recorded over 150,000 likes.
The high level of engagement with insignificant impact suggests the crypto community may be wary of Musk’s pattern, or something more superior could be suppressing his usual impact. A crypto user engaging with the post believes Musk picked the wrong time to shill Dogecoin.
DOGE traded for $0.1566 at the time of writing after recovering from a weekend dip that saw the price fall to $0.1306 last Saturday, according to data from TradingView.
The post Why Elon Musk’s Recent Tweet Didn’t Move the Dogecoin Needle appeared first on Coin Edition.