Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s frequent public comments about Dogecoin (DOGE) and Bitcoin (BTC) are causing damage to the cryptocurrency industry, according to some.
What happened: A Reddit user who uses the nickname Jones9319 said in a post on Thursday that Musk could lose his credibility in the cryptocurrency. The poster referred to Musk’s tweet about “Doge”, which sent a meme-themed cryptocurrency campaign.
This doge situation is seriously damaging to r / CryptoCurrency encryption
The comment generated a lively discussion that attracted more than 700 comments at the time of this publication on r / CryptoCurrency.
One commenter on the post noted that “‘influencers’ pumping coins, pumping and dumping schemes, scams etc. have been around for a long time, more than bitcoin itself”.
Some others did not fear government regulations. One person said, “It’s too late. The government’s nose is already all encrypted. At least with DOGE, regulation around the cryptography pump and dumps is encouraging, which is something that I think is absolutely necessary. “
Why it matters: Musk has a history of tweeting about Bitcoin and Dogecoin, mostly playfully. His Dogecoin-themed tweets led to large price movements in the cryptocurrency.
At the end of last month, Musk updated his biography on Twitter to “Bitcoin”, which led to the cryptocurrency skyrocket.
However, it wasn’t just Musk that changed cryptocurrency prices with their tweets, the Redditors have done the same in the recent past.
The Reddit SatoshiStreetBets forum – apparently styled after r / WallStreetBets, a forum responsible for sending GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), and others on high – called on its users to pump Dogecoin last week.
See too: Elon Musk Says ‘I’m a Bitcoin Supporter’
Musk’s latest memes on Thursday caused DOGE to skip 50% when he described Shiba Inu encryption as “People’s Cryptography”.
Share price: DOGE was traded 16.69% at $ 0.047 and BTC was traded at 1.23% at $ 37,538.47. On thursday, Grayscale Bitcoin Trust (OTC: GBTC) closed 0.26% lower at $ 37.96.
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