Ever since the cryptocurrency industry came into being, it has managed to turn many influential personalities towards itself. As of now, almost every major mainstream institution is talking positively about cryptocurrencies. Many people are using their market reputation and influence to promote the adoption of cryptocurrencies.
However, one particular personality has taken things to an entirely different level. The name of the personality is Elon Musk who has not only influenced the cryptocurrency industry but has become somewhat of a prophet.
No matter what he says in the cryptocurrency industry, it is taken as a revelation and a prophecy. The investors flock to any cryptocurrency that he names and seems to talk about. One of the most prominent examples of Elon Musk’s influence is the meme coin “Dogecoin – DOGE”.
If we go 6 months back, we would see that Dogecoin (DOGE) had no market value or valuation. Then the DOGE army appeared out of nowhere and started rallying on the DOGE. That is when it was revealed that Elon Musk was the leading member of the DOGE army.
Since the start of 2021, Elon Musk made several tweets about Dogecoin (DOGE). Each time he tweeted, DOGE experienced a surge in prices as investors rallied to the meme coin and helped it grow in price.
However, Elon Musk’s influence started diminishing with time and May 8 proved to be the day when Musk’s influence died for DOGE. While many investors had hoped DOGE would gain more price surge from Musk’s appearance at the SNL where he would talk about it.
Many expected that mentioning DOGE during the show would help boost its demand and price. However, things went completely opposite to what was expected and its price ended up facing a downfall.
Right after Musk’s appearance at the SNL, the price of DOGE dropped by 20% and it went on for a week. However, Musk made another statement about bringing in reforms to DOGE’s infrastructure and improving its transaction efficiency. This eventually helped boost the market price and capitalization of DOGE for a short period.
After DOGE’s price picked up for a short while, the overall cryptocurrency industry ended up collapsing. However, during this dark time, Elon Musk has emerged as a light for the entire cryptocurrency community. This time again, Elon Musk has taken it to the Twitter platform, talking positively about the cryptocurrency industry in general.
According to Elon Musk, the entire cryptocurrency industry is on the right track to overtake the traditional financial system. Musk stated through his Twitter profile that the cryptocurrency industry is not after short-term price action. The mission of the cryptocurrency industry is to overtake the fiat currency system.
He stated that the projects currently being introduced in the cryptocurrency industry are highly influential and extremely efficient. Therefore, the industry is set to take a huge leap in the coming years in taking the fiat currency system head-on.