Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk’s frequent public comments about Dogecoin (DOGE) and Bitcoin (BTC) are causing damage to the cryptocurrency industry, some say.
What happened: A Reddit user running Jones9319 said in a post on Thursday that Musk could lose credibility on cryptocurrency. The poster referred to Musk tweeting ‘Doge’, who directed the meme-themed cryptocurrency shooting.
This doge situation is seriously damaging r / CryptoCurrency crypto
The comment sparked a spirited discussion that drew more than 700 responses from the moment of pressing r / CryptoCurrency.
A commenter on the post noted that “‘influencers’ pumping coins, pumping and dumping schemes, scams, etc. have been around for a long time, longer than bitcoin itself.”
Some others were unafraid of government regulations. One person said, ‘It’s too late. The government’s nose is already completely in crypto. At least with DOGE, it’s an encouraging regulation around crypto pumps and dumps, 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 sparked wild price movements in the cryptocurrency.
At the end of last month, Musk updated his Twitter bio to “Bitcoin,” which led to the cryptocurrency soaring.
However, it’s not just Musk who has moved cryptocurrency prices with his tweets, Redditors have done the same in the recent past.
The Reddit forum SatoshiStreetBets – seemingly styled after r / WallStreetBets, a forum responsible for sending GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), and others sky-high – called on its users last week to pump up Dogecoin.
Also see: Elon Musk says: ‘I am a supporter of Bitcoin’
Musk’s latest memes on Thursday sent DOGE up 50% when he described the Shiba Inu themed crypto as “People’s Crypto”.
Price promotion: 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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