Elon Musk’s influence on Dogecoin (DOGE) appears to be waning, as recent posts about the meme coin have had little effect on its price. For years, Musk’s Twitter memes and statements about DOGE had a direct impact on its price, but that trend seems to be changing.
In a recent post, Musk shared an AI-generated image with the caption “D.O.G.E. on X,” referring to the Department of Government Efficiency that Donald Trump promised Musk if he were elected president. However, this post did not elicit the usual positive response from DOGE.
While DOGE has seen a recovery from a recent price bottom, it is lagging behind other cryptocurrencies in terms of gains. Coins like Starknet (STRK), Sui Network (SUI), and Optimism (OP) have outperformed DOGE in the same period.
Interestingly, a recent lawsuit accusing Musk and Tesla of price manipulation in relation to DOGE was dismissed by Judge Alvin Hellerstein. The judge stated that Musk’s statements should not be taken seriously and that they are aspirational and not factual.
Whether true or not, this lackluster response to Musk’s posts and the dismissal of the lawsuit suggest that the market for DOGE may be becoming more mature. It seems that investors are no longer blindly following influential figures and are instead basing their investment decisions on more solid grounds.
Disclaimer: The information provided here should not be taken as investment advice. Investing in cryptocurrencies carries risk, and it’s important to do thorough research and consider professional advice before making any investment decisions.