3 Key Points
- Elon Musk remains a vocal supporter of Dogecoin, despite interest from various crypto communities.
- Musk’s cryptic tweets continue to garner responses from multiple cryptocurrency representatives.
- Ripple CTO David Schwartz engages with Musk to test Twitter’s “Community Notes” feature.
Unraveling Elon Musk’s Latest Cryptic Crypto Tweet
Cryptocurrency aficionado Elon Musk, at the helm of Tesla and SpaceX, and currently overseeing the operations of Twitter, persists in his occasional interaction with the crypto realm. Though he is best known for his affinity toward Dogecoin, his social media activity piques the curiosity across a spectrum of digital token groups, from XRP enthusiasts to Shiba Inu supporters, not excluding Bitcoin advocates.
A recent post by Musk on Twitter, a sequence of cryptic characters with potential ties to his media venture, sparked a wave of excitement amidst these varied crypto communities.
The Persistent Influence on Dogecoin
Despite the multitude of crypto communities clamoring for his attention, Musk’s allegiance seems to consistently lie with Dogecoin. His previous admissions include ownership of Bitcoin, Ethereum, and Dogecoin, with a notable preference for the latter, affectionately referring to it as “the currency of the people.” Musk has gone beyond mere social media endorsements; Dogecoin now serves as a valid currency for purchasing merchandise from Tesla and SpaceX’s online avenues.
Diminishing Impact on Dogecoin Valuation
The power of Musk’s tweets to sway the Dogecoin market has seen a notable decline. Once capable of inducing sizeable fluctuations in price, the so-called “Musk Effect” now imparts just fleeting turbulence on Dogecoin’s valuation.
Ripple CTO’s Interaction with Musk
In a recent development, Ripple’s CTO David Schwartz tagged Elon Musk in a tweet, not to discuss crypto but to test Twitter’s “Community Notes” facility. His message referred to a popular but inaccurate trope about Musk’s enormous wealth, using it as an example to see how the feature fared with the dissemination of factual information.