Photo Elon Musk’s D.O.G.E. Photo: A Lighthearted Attempt to Influence Dogecoin Prices?
As of August 2024, a bull run in the Web3 industry has yet to start, even though the Bitcoin Halving and many regulatory events regarding crypto assets have occurred worldwide, which we periodically cover in our news articles. The main drivers of a bull run include news events, new technologies, regulatory changes, FOMO speculation, trends, and more, but sometimes media personalities might try to start such a wave themselves.
In today’s news article, our Coinmooner team wants to discuss how a media personality recently made a humorous attempt to create a wave in the Web3 market, possibly without even focusing on it personally. Specifically, Elon Musk's attempt to boost the price of Dogecoin by posting a photo with the caption D.O.G.E. on social media X, promoting the cryptocurrency.
On August 20, Musk posted a photo on social media X showing him standing behind a podium with the words "Department of Government Efficiency" (D.O.G.E.). Musk posted this photo after US presidential candidate Donald Trump announced his intention to nominate Elon for the position of advisor to the US President's Cabinet if he wins the election.
The Role of Media Stunts in Web3 Markets: How Musk’s D.O.G.E. Post Fits into the Bigger Picture
We decided to conduct a detailed analysis of the current events to understand better all aspects of what’s happening. Our Coinmooner team found that the recent appearance by the businessman included a joke based on the news that Donald Trump might nominate Elon Musk for an advisor position. On stage, Musk seriously said he was ready to join the Department of Government Efficiency to address existing issues, like excessive spending of public funds. This statement was made in the context of a public discussion, which added some flair and interest to his appearance.
It’s also known that after Elon Musk’s message about Dogecoin, its price only increased by 2%. Moreover, the token’s price began to rise several hours before Musk’s post, suggesting that the price increase is unlikely to be directly related to this post. It’s possible that Musk’s message should be seen as another promotional effort for DOGE to boost the coin's popularity.
Media personalities have often acted as catalysts for rapid growth in certain assets, sometimes even affecting multiple areas in the Web3 industry, which generally positively impacts cryptocurrency prices. Our Coinmooner team will closely monitor the situation and regularly update our readers. We also remind you that in the Web3 industry, conducting a thorough analysis of all events is crucial to have a complete understanding and develop a plan of action. Don’t forget to use advanced security measures to keep your assets as safe as possible.
