Is Elon Musk responsible for the dump of Dogecoin today

Dogecoin was going up and up when Elon Musk was posting about it more and more. Because of him, the coin managed to increase more than 13,000% in a year.

Doge Barking at the Moon pic.twitter.com/QFB81D7zOL

— Elon Musk (@elonmusk) April 15, 2021

Now, since after his appearance on Saturday Night Live the coin is nearly 40% percent down from it’s all-time high.

It happened probably because Elon conceded at SNL that it was a ‘hustle’.I remember how Verge surged massively after John McAfee’s comment.

I am inundated by people asking me for recommendations on cryptocurrencies. If you would use your heads you would figure out that the privacy coins (anonymous transactions) will have the greatest future. Coins like Monero (XMR), Verge (XVG), or Zcash (ZEC) cannot lose.

— John McAfee (@officialmcafee) December 13, 2017

Later it was revealed that McAfee charges money for promotional cryptocurrency tweets.

I don’t believe that Elon Musk is getting petty by promoting cryptocurrency for his benefits. But it is surely a pump and dump case with the Dogecoin today.

Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq

— Elon Musk (@elonmusk) May 7, 2021

What do you think about Dogecoin?

Read: Electroneum is going places