Elon Musk is losing his power over the crypto community after his latest tweets failed to boost dogecoin or bitcoin

Elon Musk is losing his power over the crypto community after his latest tweets failed to boost dogecoin or bitcoin

The "Elon Musk Effect," a phenomenon that roiled the crypto ecosystem this year, when every little tweet from the boss could send token prices skyrocketing or plunging, seems to be losing its luster. The billionaire has been a key driver of the volatility in and after announcing Tesla's $1.5 billion bitcoin bet and praising the meme-inspired asset's potential. More recently, his dragged it back to values not seen since the start of the year. But coming into the second half of 2021, Musk's influence doesn't seem that relevant any longer. Musk tweeted in support of dogecoin on Thursday by saying "Release the Doge!" alongside a depicting actor Marlon Brando. The coin's price lifted slightly, but not as much as it would have a few months ago. For instance, dogecoin when he ran a Twitter poll to ask whether people wanted Tesla to accept the token as payment. Musk sent out another tweet on Friday with an , seemingly laser-focused on dogecoin and the game Polytopia on the screen. "It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets,"