by Lyle Daly | May 17, 2021
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It's safe to say that Dogecoin's co-creator isn't a fan of the self-proclaimed "Dogefather."
Jackson Palmer, the co-creator of Dogecoin, took aim at Elon Musk in a series of tweets on May 13. The first tweet said "Reminder: Elon Musk is and always will be a self-absorbed grifter." Shortly after that, he followed up with "Removing this in 1 min as that's all I have to say and I enjoy the quiet life." He also criticized Musk's appearance on Saturday Night Live by saying, "ps. SNL episode was cringe, bro."
True to his word, he deleted the tweets. But the internet never forgets, and other Twitter users already had screenshots of everything.
Why the sudden attack on Musk? The most likely reason is that Musk recently had Tesla suspend Bitcoin purchases on environmental concerns. That led to a price drop for Bitcoin and many other cryptocurrencies, upsetting investors.
Even though Palmer helped create Dogecoin as a joke in 2013, he claims he hasn't been involved in it or any cryptocurrency for years. He may not have any skin in the game at this point, but it looks like he's one of many who are frustrated with how Musk has manipulated the crypto market.
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It's impossible to deny Elon Musk's impact on crypto this year. With over 55 million followers as of May 17, Musk is one of the most popular people on Twitter. And his activity on the social media platform has caused major crypto price movements.
Dogecoin is the cryptocurrency that's most tied to Musk. He has talked about it regularly, and there have been several times when Musk has sent Dogecoin prices soaring. Dogecoin developers also recently revealed they have been working with Musk since 2019.
While many have been frustrated with Musk's support of a meme cryptocurrency, it's his manipulation of Bitcoin that has drawn the most ire. As mentioned above, Musk recently decided to have Tesla suspend Bitcoin purchases due to the environmental impact of Bitcoin mining.
On the surface, that seems like a reasonable explanation. But Tesla only started accepting Bitcoin payments at the end of March, and Bitcoin's carbon footprint isn't news. Based on Musk's sudden 180, many wonder whether the decision to accept Bitcoin in the first place was only a publicity stunt.
Whether you've held crypto for years or you recently started looking into cryptocurrency exchanges, the Musk effect can be frustrating. Bitcoin experienced major price swings after Musk's decision to accept and then to later suspend Bitcoin payments. Even though Bitcoin is one of many cryptocurrencies, it's the biggest by far, and it tends to lead the market. When it suffers a large drop, other cryptocurrencies often have the same problem.
Musk probably won't stop talking about crypto anytime soon. He has never been one to shy away from controversy or criticism, so there could be more Musk-related price swings in the future. To be fair, cryptocurrencies are notoriously volatile as it is. Even if Musk never tweeted about crypto again, the market would still go through its ups and downs.
That's why it's best to take a long-term approach to crypto investing. If you're going to buy a cryptocurrency, research it first to see whether it has potential or is only a flash in the pan. And if you do buy in, try not to focus too much on short-term price changes. Invest because you believe the cryptocurrency will rise in value in the years to come, not to make a quick buck.
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Jackson Palmer echoed what many in the crypto community think about Musk. The Tesla CEO is unlikely to ratchet down his rhetoric, though, so investors will need to live with his impact on the market.
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Lyle Daly owns Bitcoin. The Motley Fool owns shares of and recommends Bitcoin.
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