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Elon Musk says He’s “Off Twitter For a While” After Sending DOGE and BTC Soaring

Elon Musk is taking a break from Twitter after a few weeks of market-moving opinions on Dogecoin and Bitcoin.

The Tesla and SpaceX founder also voiced his support for the actions of the Reddit group WallStreetBets (WSB) while slamming the hypocrisy of hedge funds complaining while profiting from their own form of exclusive market manipulation.

The world’s second-richest man, Musk said tweeted today:

“Off Twitter for a while”

With the influence Musk currently seems to hold over the crypto markets and all markets in general, perhaps the Tesla CEO spending some time in lieu may be a good thing.

DogeCoin (DOGE) Tweets

DOGE is also allegedly the favorite cryptocurrency of Tesla founder Elon Musk. The billionaire previously touted the cryptocurrency on his Twitter, pumping up the price just with a simple tweet that read, “One Word: Doge.”

The Tesla founder also playfully touted himself as the founder of Doge on social media. Following this simple and playful tweet, the price of Dogecoin immediately surged by 25% exemplifying the influence the SpaceX founder has on the markets.

GameStop Tweets

Amid the market controversy surrounding the WSB Reddit group and the short squeeze play on GameStop shares—Musk showed public support for the Reddit groups success and condemned the actions of the hedge fund manager’s shorting stocks at all. Musk Tweeted:

u can’t sell a house u don’t own,
u can’t sell cars u don’t own
but u *can* sell stock u don’t own!? (sic)
This is bs – shorting is a scam, legal only for vestigial reasons.

On Musk’s announcement that he will be taking a step back from Twitter, the self-identified Chairman of Wall Street Bets tweeted his own thanks to the billionaire— he wrote:

“Thank you for everything Elon”

Bitcoin

The Tesla CEO has always danced around the subject of Bitcoin—in December 2020, the crypto world was fixated on a Twitter exchange between Tesla and SpaceX founder Elon Musk and MicroStrategy’s CEO Michael Saylor, which led to Saylor offering to share his Bitcoin playbook.

Last week however, Musk added #Bitcoin to his Twitter profile and officially publicly endorsed the cryptocurrency for the first time, which sent the Bitcoin price surging to $38,000 over the weekend, before coming back down to the low $30,000 region.

The Bitcoin price has stagnated since , trending sideways between $32,000 and $34,000 but has shown new signs of strength breaking above $35,000 today.

As Elon Musk announces is time in lieu from Twitter, Blockstream’s CSO Samson Mow asked the billionaire for one more shoutout to Bitcoin to send the price surging.

Mow tweeted:

Can we get another #Bitcoin tweet before you go.

Musk unfortunately has not complied with Mow’s request.

Elon Musk Influence on the Price of Bitcoin Has Almost Faded Away

The current price of Bitcoin at $33,761 according to CoinMarketCap has shown that the influence of Elon Musk, the highly vocal Chief Executive Officer of Electric Vehicle maker Tesla and Space exploration firm SpaceX, on Bitcoin (BTC) has not been enough to usher the premier cryptocurrency into new price high territories.

As reported earlier by Blockchain.News, Elon Musk updated the status on his Twitter profile to read “#bitcoin,” a move many identified as bullish for the cryptocurrency.

Following this update, Bitcoin Twitter went agog sending the price of the cryptocurrency up by more than 18% on Friday to trade at $36,882 at the time. While many expected the momentum to be sustained over the weekend, the influence of the inventor who recently ranked as the richest man on the planet failed to usher the coin to new all-time highs above the $42,000 it set back in January.

Bitcoin’s Appeal Amidst WallStreetBet Drama

The switch to Bitcoin in the past week even by Elon Musk may be attributed to the appreciation of the decentralized and censor-free provisions of Bitcoin and cryptocurrencies in general. This comes amidst the drama that ensued between Institutional short-sellers on Wall Street and a group of Redditors organized in a chatroom dubbed r/wallstreetbets. The Redditors aimed to pump the price of certain stocks including GameStop so as to increase their price and valuation at the expense of the short-sellers.

This worked as the shares of GameStop soared in price by more than 2000% but the stock brokerage platforms came to the rescue by halting the trades of GameStop shares. The fact that the stock market is aimed at favoring the rich at the expense of the retails perhaps, briefly pushed some retailers to appreciate the censor-free potentials of Bitcoin.

While Bitcoin was in the spotlight through Elon Musk last week, reports have it that the same group of Redditors is planning to bet big on XRP, amidst the legal brawl with the US SEC.

Image source: Blockchain.news

WSB Token Team Member Allegedly Dumps Coins

The world of cryptocurrency has seen its fair share of volatile market movements, but none quite as eventful as the launch of the WSB Coin token project. Launched on May 2, by moderators of the popular trading subreddit r/WallStreetBets, the token claimed to be the official memecoin of Wall Street Bets. This subreddit gained notoriety after the GameStop short squeeze, which sent hedge funds reeling in January 2021.

The creators of the WSB token claimed that there would be no allocation for the team and that 10% of the coins would be reserved for the subreddit. The website touted it as the “fairest launch memecoin you will find with no team allocation and no presale. Just a free airdrop and some coins for the community. 10% of the $WSB supply is reserved as a treasury for the r/wallstreetbets sub to do with as they please.”

However, just days after the launch, the cryptocurrency community was hit with shocking news that one of the token’s team members had started dumping massive amounts of tokens. On May 4, on-chain detective ZachXBT tweeted that “zjz.eth,” who runs the moderation bots for the subreddit, had allegedly pulled the rug on WSB investors. According to on-chain data, zjz.eth had sold WSB coins in exchange for 334 Ether (ETH), worth around $635,000 at the time of writing.

The market reacted accordingly, and the token price plummeted from an all-time high of $0.00067279 to an all-time low of $0.00004827 in just two days. Community members were quick to warn others not to buy the dip as the moderators still had access to 10% of the total supply. The incident has raised concerns among the community members, who feel betrayed by the moderators of the subreddit.

Meanwhile, another moderator who goes by the name WSBmod, has threatened to report those involved in the dump to the police and the FBI if they don’t come forward. The moderator urged zjz.eth to return the money and claimed that they had identified the team member responsible for the dump. However, the identity of the team member is still unknown.

This incident is a stark reminder of the risks involved in investing in cryptocurrencies, especially when dealing with new tokens that are not yet widely accepted. The WSB token project had gained a significant following due to its association with the popular subreddit, but the rug pull has left many investors feeling cheated. It remains to be seen what actions the moderators of the subreddit will take to address the situation and regain the trust of their community.

In conclusion, while the cryptocurrency market may offer lucrative opportunities for investors, caution is advised, especially when investing in new and untested tokens. The WSB Coin dump is a clear example of the potential pitfalls that can arise when investing in such projects, and serves as a cautionary tale for investors in the cryptocurrency market.