As Price Stalls, Elon Musk Discusses New Strategies for Ethereum Development

As Price Stalls, Elon Musk Discusses New Strategies for Ethereum Development
As Price Stalls, Elon Musk Discusses New Strategies for Ethereum Development
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Tesla boss and a self-acclaimed proponent of crypto assets, Elon Musk, pulled another line of surprise on the industry for the umpteenth time. This he did by releasing tweets concerning altcoin Ethereum (ETH).

Ethereum Markets Unreactive to Elon Musk

On the 29th of April, Elon Musk, who is now regarded as a super legend in the crypto community, set the Internet on fire again. He did this by releasing two words on his Twitter space. These words that sparked the discussions are ‘Ethereum’ and ‘jk’. The tweets are without any corporate basis or explanation from the administration.

The tweets were released just weeks after Musk did a similar thing with the meme-based altcoin Dogecoin (DOGE). Even though the posts on Twitter had clear compliments embedded in them, their release just a day after April Fools’ Day is triggering diverse reactions. Some believe that the date of the publishing of the tweets is a reflection of the Musk’s implied derision of the cryptocurrency.

That said, DOGE actually recorded a rise upon publication of the tweets. But the same thing cannot be said of Ethereum because it is clearly not replicating the same thing with DOGE. In fact, the price of Ethereum is taking a nasty hit, so much so that on Tuesday, ETH/USD traded flat over the past day. It stagnated at $157 and on the other hand, Bitcoin (BTC) tumbled by 1.2% to get to $5240. This will definitely provoke reactions from those who want to buy Ethereum (ETH).

Dogecoin or Bitcoin Mode?

Musk’s reputation within the online trading crypto community had a spike at the beginning of this year. That was a time when he was invited to be involved in the now-finished charity transaction relay aimed at getting financial support for the people of Venezuela.

Called Lightning Torch, the relay was based on Bitcoin’s Lightning Network and it has the ability to ‘commute’ from user to user. The relay gained traction and even got the attention of people like the chief executive officer of Twitter, Jack Dorsey. During that period, Musk did not publicly talk about the traction gained by Torch. He also did not give reasons for behaving in this unorthodox manner. But his past history regarding an honest promotion of Bitcoin made him a prominent target. After all, he once described the largest cryptocurrency as a very brilliant concept, and it was good news for those who wanted to buy Bitcoin.

There are different explanations for Musk’s behavior regarding his pronouncements regarding Ethereum. Some have linked it to his previous blasting of scam bots on Twitter which steadily gave out fake ETH offers in 2018. During the period, Musk told Dogecoin creator Jackson Palmer regarding help to find solutions to the bots. The bots impersonated massive numbers of popular users so as to trigger the fraud-laden giveaways. Last year, when Ethereum co-founder invited Musk to the venture’s Devcon event, his reaction was amazing. He simply declared that the company should stop giving away free ETH.

About Ali Raza

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A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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