Elon Musk's Market Influence: How Does He Do It?

Many have marveled at how easily the self-acclaimed Dogefather can single-handedly alter multiple coin rates and provoke unexpected public reactions with a simple Twitter post.

A typical example is how Musk's recent tweets have helped Dogecoin google searches out-number Bitcoin's while nearly doubling the price of Dogecoin. While this has increased mainstream crypto interest, it has also raised suspicions about whether or not Musk's efforts were aimed at shifting the attention from Bitcoin and on to Dogecoin.

Major Updates:

Dogecoin overtakes Bitcoin in popularity and promotes general Crypto awareness
Tesla accuses Bitcoin mining of increasing the consumption of fossil fuels
Expert believe Elon Musk's controversial behavior is for personal gain
There are positive and negative aspects of Elon Musk's impact
Tesla's position on Bitcoin will help improve the application of renewable energy.

Blaming Bitcoin mining for the excessive use of fossil fuels, Tesla has decided to stop receiving Bitcoin payments, causing a massive dip in the general market cap.

CEO of InsideChains, Christina Dolan, suggests that Musk possesses a firm emotional hold over Cryptocurrency. She believes that since Musk made a sizeable profit from his sale of Bitcoin, his new efforts are calculated and intended to achieve for Dogecoin the same attention Bitcoin has, expanding his chances of similar gains.

According to Denelle Dixon, CEO of Stella Development Foundation, Musk's influence on Crypto has pros and cons. While the publicity is good for Cryptocurrency, Musk's current endeavors have investors thinking that Cryptocurrency is unpredictable for spectators alone.

Ava Labs President John Wu believes that the Bitcoin ecosystem must make certain corrections, keeping in mind the environment's well-being, and Elon Musk is driving that campaign.

Co-founder of Giving Block, Alex Wilson, says Elon Musk's power over Crypto is short-term and will not last in the face of other factors. He proceeds to say that Musk's tweets are presently not the sole determinants in the Crypto space.

Wes Levitt, Head of Strategy at Theta Labs, said the immense effects of Musk's "erant tweets" on Cryptocurrency raise concerns regarding the steadiness of the Crypto market. He added that 2021 could have been a better year for Cryptocurrency, but Musk's involvement in Dogecoin did not yield favorable results. Levitt suggested that Crypto enthusiasts make investment decisions based on market facts and avoid giving so much deciding power to one person, as in the case of Elon Musk.

Do you think Elon Musk will continue to dominate Cryptocurrency? Let us know in the comment below.