Elon Musk Influence Over DOGE Fades as Price Fails to React to Latest Post

Elon Musk latest post referencing Dogecoin (DOGE) on September 7 failed to spark a price surge, signaling a shift in market behavior. DOGE dropped 3.31% despite Musk influence in previous cycles, with other cryptocurrencies seeing gains.

Elon Musk Power Over Dogecoin Wanes

Elon Musk, once hailed as Dogecoin’s (DOGE) greatest supporter, seems to have lost his power over the meme coin. Throughout the 2020-2021 bull market, Dogecoin’s price movements closely followed Musk’s tweets and memes, leading to massive price surges. However, recent events suggest that this era may be ending.

On September 7, 2024, Musk posted an AI-generated image with the acronym “D.O.G.E.” on X (formerly Twitter). The acronym stood for “Department of Government Efficiency,” a playful title that Donald Trump reportedly promised Musk if he wins the U.S. presidency in November. However, Dogecoin’s price remained unaffected by the post, signaling a possible decline in Musk’s influence over the market.

DOGE Price Analysis Post-Tweet

At the time of writing, Dogecoin is trading at $0.09382, down 3.31% in the last 24 hours. Despite a slight market recovery, DOGE underperformed, trailing behind other cryptocurrencies like Starknet (STRK), Sui Network (SUI), and Optimism (OP), which saw gains between 3.39% and 11.66%. This marks a notable shift from previous cycles when Musk’s tweets could send DOGE soaring within hours.

A Potentially More Mature Market?

This recent lack of price action may indicate a more mature market that no longer reacts impulsively to Musk’s endorsements. While Musk’s support helped drive DOGE’s 36,000% surge in previous years, it seems investors are now less reliant on celebrity influence and are responding to broader market trends and fundamentals.

Lawsuit Dismissed: Musk’s DOGE Influence in Question

Interestingly, this development comes on the heels of a dismissed lawsuit that accused Musk of manipulating Dogecoin’s price. Investors had filed a $258 billion lawsuit in June 2022, alleging that Musk’s tweets artificially inflated DOGE’s value. However, Judge Alvin Hellerstein dismissed the claims, stating that Musk’s comments should be viewed as “aspirational and puffery,” not actionable price manipulation.

As the dust settles, it seems that while Musk remains a major figure in the crypto space, his ability to single-handedly move markets—especially Dogecoin—might be diminishing.

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