Elon Musk, notorious for the tweets about Dogecoin has seemed to have lost his power. Over the past year, with a single tweet about Dogecoin, Elon has caused quite the volatility for the said "meme coin", which some may call market manipulation.
Elon Musk’s hold on Dogecoin price seems to be fading away as his recent tweets have failed to cause any significant price movement for the meme currency. Earlier today Musk tweeted a popular meme template with a Dogecoin twist indicating a price pump for the meme currency.
Contrary to what meme signified, the price of Dogecoin didn’t see any significant upswing and remained in the same price range of $0.244 before and after Musk’s Tweet. Earlier, Musk’s tweet had a significant impact on Dogecoin’s price, seeing double-digit swings on many occasions, but the effect is slowly but surely on the decline.
Musk has also been known in the past to crash the price of Bitcoin on a couple occasions especially during Tesla's snub on Bitcoin. Overall the whole crypto market saw one of its worst sell offs yet.