Elon Musk Posts “Dogecoin” Text Image but Fails to Boost Dogecoin Price
Once again, Tesla CEO Elon Musk failed to impact the trading price of Dogecoin. It appears that he is no longer significant to the Dogecoin community.
Elon Musk is the richest person in the world. He is known for his bold moves and tremendous success achieved through self-made decisions. Musk is a big fan of Dogecoin, Bitcoin, and Ethereum. Once in the past, he disclosed that he holds only these three crypto assets and also advised people to avoid investing in other cryptocurrencies.
On September 7, 2024, Elon Musk shared an AI-created image titled “Department of Government Efficiency,” which subtly included the Dogecoin ($DOGE) name without directly mentioning Dogecoin.
Unfortunately, the AI image shared by Musk did not affect the trading price of Dogecoin. The price chart of Dogecoin shows no significant or rapid price increase following the post.
Dogecoin as a Crypto Payment
In mid-2020, Musk supported Dogecoin, which led to a nearly 200-fold increase in its price in 2021. He predicted that if the crypto sector thrived, Dogecoin would succeed as a leading payment cryptocurrency.
During a live show on SNL, he also expressed his love for pet dogs, which contributed to the rise of many dog-themed cryptocurrencies and significant price increases. Musk warned investors about the volatility of cryptocurrency prices and advised them to invest only what they could afford to lose without affecting their daily lives.
Some individuals later filed a lawsuit against Musk, alleging that he or his company bought large amounts of Dogecoin, drove up the price, and then sold it for profit, harming new and unsuspecting Dogecoin investors. Last month, the court ruled in Musk’s favor due to a lack of evidence of price manipulation or personal benefits focussed trading.
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