Cryptocurrency enthusiasts were abuzz on social media recently after a well-known Cardano (ADA) news account, Cardano Feed (@CardanoFeed), posted a screenshot showing that Tesla and Twitter CEO Elon Musk had begun following his X account.
The post, where he expressed excitement at the new development, sparked speculation about a potential shift in Musk’s allegiances within the crypto world.
🔥 Oh my god!!! Welcome aboard #Cardano @elonmusk pic.twitter.com/12k84eGZme
— Cardano Feed ($ADA) (@CardanoFeed) April 1, 2024
This development seemed particularly interesting given Musk’s past vocal support for Dogecoin (DOGE) and Bitcoin (BTC). In 2021, Tesla famously invested $1.5 billion in Bitcoin, briefly accepting it as payment for its electric vehicles before environmental concerns prompted a reversal of that policy.
While Musk has been known to engage with the Dogecoin community online, he has generally ignored other cryptocurrency communities.
The Truth Behind Musk’s Newfound Love for Cardano
However, before ADA holders could celebrate a potential Musk endorsement, some comments pointed out that the post was made on April Fool’s Day, suggesting it was likely a cleverly timed prank.
Further bolstering this theory was another post from Musk on the same day. Musk announced, in jest, that he had assumed the role of Chief Diversity, Equity, and Inclusion (DEI) Officer at Walt Disney Company. This humorous post, referencing ongoing cultural debates, underscored the playful nature of Musk’s online activity.
The crypto community appeared to be in on the joke, using the opportunity to create memes referencing the perceived wokeness of major corporations.
Has Musk Abandoned Dogecoin?
Meanwhile, analysts are keeping a close eye on Dogecoin, a cryptocurrency that has long enjoyed Musk’s support. Crypto analyst (@ali_chargs) has identified a potential pattern in DOGE’s price history, suggesting it may mirror its behavior from the 2018-2021 period
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
Notably, 2021 saw Dogecoin reach an all-time high, fueled in part by Bitcoin’s record-breaking surge and Musk’s endorsement during his appearance on Saturday Night Live.
If Ali’s analysis proves accurate, Dogecoin could be poised for a significant price increase soon. However, with the cryptocurrency market remaining volatile and unpredictable, investors are advised to conduct their research before making investment decisions.
While the prospect of Elon Musk endorsing Cardano was undoubtedly exciting for ADA supporters, it appears to have been a well-executed April Fool’s Day prank. Musk is yet to show public support for any other major cryptocurrency. Musk also recently confirmed that Tesla will soon accept Dogecoin for payments, solidifying his preference for the meme coin above other similar cryptocurrencies.
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