Once again, Tesla CEO Elon Musk has failed to influence the trading price of Dogecoin, highlighting his diminishing impact on the Dogecoin community.

Elon Musk, the wealthiest person on the planet, is renowned for his bold moves and the incredible success he has achieved through his self-made decisions. Musk is an avid supporter of cryptocurrencies like Dogecoin, Bitcoin, and Ethereum. He has previously disclosed that he holds only these three crypto assets and has advised people to steer clear of investing in other lesser-known cryptocurrencies.

On September 7, 2024, Musk shared an AI-generated image titled “Department of Government Efficiency,” which subtly referenced Dogecoin ($DOGE) without explicitly naming it. Despite this subtle nod, the image did not influence Dogecoin’s trading price. The price chart of Dogecoin remained unaffected, showing no significant or rapid price increase following Musk’s post.

In mid-2020, Musk’s endorsement of Dogecoin led to a dramatic surge in its value, resulting in a nearly 200-fold increase by 2021. He predicted that if the cryptocurrency sector thrived, Dogecoin would emerge as a leading payment cryptocurrency. During a live appearance on Saturday Night Live (SNL), Musk’s affection for pet dogs further fueled the rise of various dog-themed cryptocurrencies, leading to substantial price increases. However, Musk has consistently warned investors about the volatility of cryptocurrency prices, advising them to invest only what they could afford to lose without jeopardizing their daily lives.

Some individuals later accused Musk of manipulating Dogecoin’s market. They filed a lawsuit alleging that he or his company had purchased large quantities of Dogecoin to drive up its price and then sold it for profit, thereby harming new and unsuspecting investors. However, last month, the court ruled in Musk’s favor due to insufficient evidence of price manipulation or trading for personal gain.

In summary, while Musk’s past endorsements have significantly influenced Dogecoin’s market value, his recent attempts have shown little impact. His advice to investors remains consistent: be wary of cryptocurrency volatility and only invest what you can afford to lose.