Billionaire Elon Musk, the Dogefather has mocked the Shib community by responding to a tweet that belittled Dogecoin’s use case.
A Twitter thread that started off with a discussion about AD with Mark Cuban getting rug pulled by Titan project eventually became about Dogecoin.
Dogecoin transaction costs are expected to be drastically decreased soon, according to the prominent DOGE Twitter account “Shibetoshi Nakamoto.” People are still utilizing this meme-coin, they claim.
The Shiba Inu community account says nobody is going to use Doge and some only use it due to Musk’s endorsement.
The anonymous behind the account even said Doge is a shitcoin that will sink as soon as Musk ditches it.
In response to this thread, Elon Musk replied with a tweet that read “ ha-ha”.
Is Elon Musk’s Crypto endorsement counterproductive?
It’s no secret that Elon Musk’s tweets regarding various crypto tokens have caused explosions in the market. While some tweets aided the token price to skyrocket some caused deep plunges too. Hence, the world is now contemplating how good or bad his influence is on the market.
In a recent interview with YouTuber Logic, millionaire Mike Novogratz stated that while Elon Musk is the entrepreneur of his generation, his crypto-themed Twitter tantrums aren’t healthy for other investors.
He even went on to say his tweets on crypto are “just not helpful for the crypto world.”
Some analysts predict that his tweets would have less influence on the market once institutional investors entered the market.