Elon Musk is betting on dogecoin! Yes, again. But investors don't seem to trust him anymore

Elon Musk, head of Tesla, SpaceX and savior of X, has done it again. Yes, he wrote again that he likes dogecoin. But then something strange happened.

Elon Musk wanted to inflate the price of dogecoin?

Elon Musk is known primarily for one thing. No, it's not about the dream of flying into space or flooding the market with electric cars. I mean, he has a weird sense of humor. Only such a person can choose dogecoin from the entire huge range of cryptocurrencies.

Not that I have anything against the funny dog, but… let's be honest with ourselves – behind this memecoin there is neither a particularly innovative technology, nor a groundbreaking application in anything. Its foundation is, after all, a meme.

Despite the above, Musk has liked to write posts about Dogecoin for years and dream that he will one day be the CEO of the project. From time to time, it also tempts investors with vague announcements that DOGE will become the currency of X (i.e. the former Twitter). But it ends with a wink. At least for now.

Investors don't care about you, Elon!

So far, Musk caused an earthquake on the dogecoin market with his posts. His few words marked a jump in DOGE's price. So it was enough to follow his profile on Twitter to efficiently invest in the memcoin field.

Now something seems to have changed. Yesterday, Tesla's CEO posted the following post on X:

It looked like an incentive to increase the dog's rate. But this one didn't make it to the moon.

As you can see in the chart below from Coinmarketcap.com, this time the market did not react to the businessman's appeal. The price then dropped a bit, then there was a slight rebound and… it dropped again. Today, one dogecoin costs USD 0.1394, which means a jump of 61.5% on a weekly basis, although this is not due to Musk. Since yesterday, the price has dropped by 2.44%.

The above probably means that investors have matured and no longer look at DOGE through the prism of Musk's posts, which should be considered a positive. The coin will certainly increase in price during the bull market, following Bitcoin and other altcoins. Let's hope these increases are no longer dictated only by what one filthy rich American entrepreneur thinks about him.