Elon Musk's Dogecoin (DOGE) Tweets Are no Longer Moving the Market, Signaling a More Mature Cryptocurrency Space

Elon Musk actively supported the leading meme coin, Dogecoin (DOGE), throughout the previous cycle – from 2020 to the 2021 top. For over two years

Elon Musk posted a cryptic meme on Thursday, revealing a new acronym for Twitter's exchange ticker. However, despite the post, Dogecoin's price remained largely unaffected.

After posting several cryptic memes on Wednesday, Elon Musk continued his posts on Thursday, revealing a new acronym for the cryptocurrency exchange ticker on the platform. However, despite the post, Dogecoin’s price remained largely unaffected.

Musk's recent posts have been closely followed by cryptocurrency enthusiasts, especially those interested in Dogecoin's price movements. However, in a surprising turn of events, Dogecoin's price showed a minimal reaction to Musk's latest post.

According to CoinMarketCap, DOGE is currently trading at $0.09382, down 3.31% in the last 24 hours. This marks a minimal decrease from yesterday's price of $0.094.

However, while other cryptocurrencies, such as Starknet (STRK), Sui Network (SUI), Optimism (OP), JasmyCoin (JASMY), and Uniswap (UNI), experienced significant price increases, Dogecoin's price remained relatively stagnant.

This lack of response from Dogecoin is particularly noteworthy given Musk's recent statements regarding the cryptocurrency. In August, Musk stated that he would step down as CEO of Twitter if users vote in favor of the move.

Additionally, Musk's recent comments on the possibility of acquiring Manchester United and his meeting with Donald Trump have sparked speculation among cryptocurrency enthusiasts.

Interestingly, Judge Alvin Hellerstein recently dismissed a price manipulation lawsuit from Dogecoin investors against Elon Musk and Tesla (NASDAQ: TSLA) over his statements on the cryptocurrency.

"These statements are aspirational and puffery, not factual, and susceptible to being falsified […] and no reasonable investor could rely upon them," Hellerstein stated in response to the claim that Musk's statements were used to accuse him of manipulation.

Investors filed the lawsuit in June 2022, accusing Musk of making public statements that drove up Dogecoin's price, ultimately crashing and causing $258 billion in damages.

According to the documents, the class action claimed that DOGE surged by 36,000% due to Musk's influence, only to crash later on.

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