Elon Musk: “I used to be in crypto, but now I got interested in AI", What does this mean for Crypto, especially Dogecoin? 🤔
AI and Crypto are the future
This tweet might be a very bad fundamental analysis (FA) for dogecoin holders based on the fact that Elon Musk has been one of the greatest supporters and investors of dogecoin, in fact, there was a time around 2020 to 2021 when Elon Musk's tweets were the best fundamental analysis (FA) you needed to invest and make money from dogecoin because anytime he tweets about dogecoin a lot of people tend to FOMO (Fear of missing out) in pumping in a lot of money in Dogecoin.
A lot of people benefited from those Elon Musk tweets and pumps, in fact, there is a crypto trader who calls himself the dogecoin millionaire because back then he invested all his life savings into dogecoin, and when Elon Musk tweets and people FOMOing a lot into dogecoin made him become a millionaire, hence the name the dogecoin millionaire. In case, you did not know about the dogecoin millionaire his name is Glauber Contessoto, Contessoto invested over $250k of his savings and borrowed funds into dogecoin on February 5th, 2021 and when the price of dogecoin was at about $0.45 a few months later, on April 15th, 2021, he became a dogecoin millionaire on paper, I do not know if he is still a millionaire now but I know he said he was not going sell his dogecoins.
Lastly, in my opinion, Elon Musk's tweet might not do anything at all to the crypto market in a negative way because there are Crypto AI tokens or coins so this his tweet of “I used to be in crypto, but now I got interested in AI" is more like saying “I used to be in crypto and now I still am interested in crypto but a different kind of crypto”, For me, I think it would be smart to start looking into investing into Crypto AI tokens or coins (Not Financial Advise), but crypto space follows trends (Metaverse, NFTs, Meme), so do what you wish with that information
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I think he is being sarcastic. It seems that he is quoting people that only follow trends. People used to be interested in crypto because it was trending, but now many are interested in AI.
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That could be true because Elon Musk like wildcard but there are crypto AI tokens, so if AI trends crypto still trends.
Or he was just bored in his toilet seat.
That is still very possible too 🤣
Elon is a genius so I expect anything from him, from genius type ideas from also moronic decisions, thats why he is a genius, he is the one saying humans should not give to much power to AI now he is interested in AI or perhaps he finds interesting he can also profit from AI? this guy is so unpredictable and the entire Dodge coin I think it was all a sht show to get attention
You are so right on that, Elon musk tends to be unpredictable most time, and dogecoin development gave him too much power and influence over dogecoin
This tweet is just another FUD episode in a bear market. Bear market is for EVERYONE, including Musk. When bull market is back he will be supporting crypto all over again. This is soft FUD meant not to damage the markets too much, in attempt to keep reducing the prices, aka manipulative method to keep the bear momentum going.