Elon Musk, the CEO of SpaceX, has supported investing in Dogecoin by constantly tweeting about the coin on his feed posts. For a while, he even changed his profile photo on Twitter to Shiba Inu, which is the symbol of Dogecoin (DOGE). It made DOGE’s price shoot up 30%. As he mentioned, investors have followed his advice and benefited from investing in Dogecoin. They have also titled him ‘DOGE father’ since his predictions were accurate. However, when he suddenly stopped tweeting about Dogecoin, it left his followers perplexed since he constantly supported it. They all wondered, Why did Elon Musk stop tweeting about Dogecoin?’ Read on to find out more about it in the article!
Elon Musk was accused of deliberately inflating the value of Dogecoin above its true value, given that his tweet significantly contributed to its price growth. Many investors started investing in DOGE as he constantly tweeted about it. It caused suspicion among many that he might have used the ‘pump and dump’ scheme to drive up the coin’s value.
Ever since Musk purchased the social media network, the ADL has become more concerned about his decisions to provide a safe space for his followers. Musk was questioned by the SEC in April 2021 for providing remarks on some previous acquisitions and was requested to appear in the SEC’s lawsuit on 15 September. But just a few days before the date of appearance, Musk refused to appear on the mentioned day. Since most of X’s income comes from advertising, this allegation against Musk has caused him to lose sponsors from investing in his project.
They also claim that other baseless objections have been made, one of which questions whether San Francisco is an appropriate location for the hearing. Musk doesn’t wish to see his most recent project, “Space X,” in financial ruin despite his passion for Dogecoin.
Because of Musk’s tweets, the Dogecoin price has skyrocketed, reaching around $124 million in sales in April alone. However, it is believed that his tweeting behavior is illegal. Though Musk never agreed to these charges, the US Securities and Exchange Commission sued him for refusing to cooperate with an investigation into his purchase of Twitter shares in 2022.
Social and Environmental Responsibility
A turning point in Musk’s philosophy of social and environmental responsibility came when he shifted towards green energy and sustainability. Tesla’s electric vehicles and solar goods highlight the significance of lowering carbon emissions, setting an example of his shift towards sustainable energy.
The environmental effect of some Dogecoin casinos, frequently billed as the best Dogecoin casino sites, has raised the question among many crypto enthusiasts. The mining process of cryptocurrencies like Dogecoin can increase greenhouse gas emissions, which has pushed Musk towards more ethical cryptocurrency practices.
He shows his concern and dedication towards environmental safety by stopping Tesla from accepting Bitcoin payments. Musk feels that the digital currency industry cannot ignore its environmental obligations and seeks to integrate his cryptocurrency practices with his larger commitment to sustaining green energy.
The Hype Around Bitcoin ETFs, Fall for Dogecoin
The Bitcoin Exchange Trade Funds, commonly known as ETFs, were being approved, generating continuous excitement in the crypto industry. Despite the regulatory roadblocks, the Bitcoin ETF is driving rapid development. Two massive companies, – ARK and 21 Shares, await approval from BTC ETFs. It has led many to believe that the SEC will soon authorize a Bitcoin exchange-traded fund.
On the other hand, the network activity of Dogecoin has decreased in the past few months; the daily transaction volume of the coin shows a sharp decline of around 2.1 million.
Additionally, 60% of meme tokens are now losing money; thus, investing in Dogecoin is not wise. Thus, investors are now surrounding the Bitcoin ETF and trusting their investments.
Considering the facts mentioned in the article, it is clear why Elon Musk quit posting about Dogecoin since it has been showing losses recently. He also has more important things to attend to, like those allegations against him and his recent project, plus the loss of his sponsors for his projects. So, he has decided to focus on those things first than posting about cryptos on Twitter.