In mid-2021, Elon Musk, who caused major fluctuations in the cryptocurrency markets, announced that he will stay away from cryptocurrencies in the next bear season. This decision by Musk may not be seen as good news for investors who remember what happened before the China bans in 2021. Musk stated that he will now focus on artificial intelligence instead of cryptocurrencies and he is currently doing just that.
Shortly before, Elon Musk introduced the Grok AI chatbot on Twitter and established a new artificial intelligence company called “X AI”. The company announced in its application to the SEC that it aims to raise $1 billion in capital. The company has already sold securities worth $134.7 million and announced that it plans to sell an additional $865.3 million. Early-stage investors are required to invest at least $2 million.
The company supported by Elon Musk and X emerged with the rise of GPT in November. In November 2022, internet users saw that artificial intelligence became something concrete and flocked to this field. Then we saw that Nvidia shares reached their peak and tokens such as FET and AGIX had strong rallies. A strong rally refers to prices increasing by approximately 10 times.
Musk, who is busy with his new company, will have very little time to devote to cryptocurrencies. It seems that Musk, who is engaged in space missions, Tesla, X, and X AI, has no time left for the Dogecoin community.
With Tesla being among the first and largest corporate buyers to go down in history with Bitcoin during the previous bull season, Musk saw that the same community gathered around Dogecoin while he was heavily involved with GameStop. Then he made posts especially about Dogecoin on social media. Musk, who is already one of the most influential accounts on the platform, quickly became the most influential account. Later, before announcing the major bans in China citing environmental concerns, he forced the markets to decline.
Today, there is no belief that Dogecoin will be brought as a payment method to X. Musk has been ignoring cryptocurrencies for a long time, and in retrospect, this indifference seems to work in favor of investors.