Surely, everyone remembers that special Elon Musk’s Saturday Night Live appearance in May!
Especially the buzz that followed around dogecoin maniacs spurring a buying spree and launching dogecoin’s value to lunar orbit levels.
Yes! We do. And that’s because it was so clearly inevitable, Doge was sprinting for the $1 mark on the hill of an energetic cult-like hype.
Before May 8th, the Tesla Technoking and grand leader of the Dogecoin dynasty found the magic wand for the meme coin and wielded it in ways that saw Doge become obese with a 70% value increase in a single 24-hour run. The crypto space went wild and for many investors who joined the hype-wagon, Musk’s tweet was all the candles and sticks and Fibonacci series rolled in one, that they needed to short or long.
Last week saw a maturity of the market over Musk like never before. On the hill of a meme coin in comatose, The SpaceX enthusiast took to Twitter once again, to cast the magic spell of fewer than 140 characters and jolt the market like a blockchain defibrillator, but as it turned out, the potency of his grip over Doge had waned so much, Musk’s tweet turned counterproductive in the first few hours, further spiraling the embattled meme coin to an extra 1.2% losses before raking in a paltry 3% before the close of the day. Elon tweeted:
“Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge”
And the market responded:
“Not today, Mr Musk.”
Influence Gone Bad
Once upon a time, Elon was a Lithium-Ion enthusiast who loved Bitcoin and the prospect it represents. After breaking through the world’s top 5 billionaire ranks, Elon spent his spare time preaching renewable energy, giving lunar sermons, and promoting Bitcoin.
Elon’s influence in the Bitcoin space grew astronomical until he gradually honed his canine affection to perfection and ditched BTC for Doge. It’s easy to see why: Bitcoin was an already established digital asset with far too many people of influence on board. Elon wanted something he could build from the scratch and exert incredible control over, just like Tesla, and Doge was the candidate. Besides, your job and the idea behind it should bring you smiles, and that Dogecoin did, even though it was all jokes.
Many crypto analysts believe Elon should have quietly tapered off his interest in BTC, having found a new pet project in Doge, then trying negatively to impact Bitcoin’s value disruption to show his level of influence in the space.
There have been several call-outs against Mr. Musk, and even the Bitcoin association formed to advance Bitcoin, shut the door on Musk who is a founding member.
As the struggle to find relevance for Dogecoin continues, Musk may have a bigger task of convincing all the people brought on board to stay, and as it has shown, it now goes beyond occasional silly and sarcastic tweets.