Elon’s Effect on Dogecoin Seems to Fade Away

Dogecoin received positive news yesterday as Elon Musk’s Boring Company announced the acceptance of DOGE for Loop rides. The news is considered one of the largest and latest initiatives by Elon Musk.

But the announcement, which was taken as a pride moment by the DOGE community, wasn’t reflected in the price of DOGE. There was just a minor surge of 3% that was also short-lived.

Considering the past rallies of the coin following Elon’s related announcement, the current performance was comparatively poor. Elon’s support for DOGE began in April 2019 when he stated that DOGE might be one of his favorite cryptocurrencies.

Notably, Musk hasn’t failed to display his support for the coin now and then. His support tweets are usually followed by a sudden hike in the price of DOGE.

When Elon stated that he would accept DOGE for Tesla merch, DOGE went up by 11%. Even recently, when Twitter’s BOD stated that they would accept Elon’s offer for Twitter acquisition, DOGE spiked by 27%.

But the recent announcement hasn’t made any significant transaction on the price of DOGE. This might be because Elon himself didn’t make a public announcement regarding the news. It might also be due to the prolonged bear market that is blocking the growth of the coin.

Even though his tweets have affected DOGE, the growth has been short-lived. Elon was also sued recently, accusing him of promoting Dogecoin as a pyramid scheme.