Tesla Ing (NASDAQ: TSLA) Elon Musk’s general comments on Dogecoin (DOGE) and Bitcoin (BTC)’s general comments are damaging the cryptocurrency industry, according to some.
What happened: A Reddit user referring to Jones9319 said in a report on Thursday that Musk could lose its credibility on the crypto-currency. The poster refers to Musk tweeting ‘Doge’, which sent the cryptocurrency shooting to the meme.
This doge situation is seriously harmful for crypto from r / CryptoCurrency
The comment sparked a lively discussion that attracted more than 700 comments from the press time on r / CryptoCurrency.
A commentator on the report noted that “influencers” pump coins, pump and dump schemes, scams, etc. have been around longer than bitcoin itself. ‘
Some others were not afraid of government regulations. One person said: ‘It’s too late. The government’s nose is already in crypto. At least with DOGE, it’s encouraging to encourage regulation around crypto-pumping and dumping sites, which I think is absolutely necessary. ”
Why it matters: Musk has a history of tweeting about both Bitcoin and Dogecoin, mostly on a joke. His Dogecoin-themed tweets have led to wild price movements in the crypto-currency.
Late last month, Musk updated its Twitter bio to “Bitcoin”, which led to the cryptocurrency soaring.
However, it is not just Musk who has shifted the price of cryptocurrencies with his tweets, but Redditors has done the same in the recent past.
The Reddit forum SatoshiStreetBets – apparently styled after r / WallStreetBets, a forum responsible for sending shares of GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Ing (NYSE: AMC), and others sky high – urged its users to pump up Dogecoin last week.
See also: Elon Musk says: ‘I am a supporter of Bitcoin’
Musk’s latest memes on Thursday raised DOGE by 50% when he described the Shiba Inu-themed crypto as ‘People’s Crypto’.
Price action: DOGE traded 16.69% higher at $ 0.047 and BTC traded 1.23% lower at $ 37,538.47. On Thursday, Grayscale Bitcoin Trust (OTC: GBTC) closed 0.26% lower at $ 37.96.
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