Elon Musk made yet another effort to hike the Dogecoin price. And he was successful, although just for a short period. The CEO’s new Twitter DP lead to the surge of GOGE from $0.18 to $0.203 in a few hours. However, it went back to $0.179 after 48 hours.
Elon Musk: Dogefather?
The Tesla and SpaceX CEO is one of the biggest players in manipulating the crypto market through social media. Musk changed his Twitter display picture to the one where his aviators reflect the DOGE logo. This led to an eruption in the meme crypto coin market as Dogecoin increased by ten percent. In the past, he tweeted “Lil X holding his Doge like a champ. Never said the word “sell” even once!”, to fuel the change.
Crypto investors call out Musk for manipulating Dogecoin price
Musk’s efforts to manipulate the crypto market with meme coins are receiving a severe backlash. He is using his celebrity status to make the market volatile and unpredictable. “Lose your savings account password? Your fault. Fall victim to a scam? Your fault. Billionaires manipulating markets? They’re geniuses. This is the type of dangerous “free for all” capitalism cryptocurrency was unfortunately architected to facilitate since its inception.”, tweeted Jackson Palmer. Palmer, the co-founder of DOGE took this opportunity to call out big shots like Musk who manipulate an unstable market and get away with it.
“I think Elon Musk wants to be a humorous guy. But he has to realize that his tweets do have the power to move markets,” said Changpeng Zhao, the CEO of Binance. However, it is not just billionaires calling out the CEO. Thousands of tweets and a large majority of the crypto community express their displeasure. Additionally, they labeled Musk as an uncredible crypto influencer.