- Justin Sun asks the crypto community not to mock Elon Musk as Tesla falls further.
- Tesla shares have fallen by over 40 % in the last 30 days.
- On the other hand, Bitcoin (BTC) experienced positive growth within the same period.
Justin Sun, the Chinese Tron blockchain founder, advises the crypto community to stand in solidarity with Elon Musk as his car company Tesla goes through tough times. Sun highlighted that Musk has consistently pushed boundaries and disrupted traditional industries, leading to significant progress even in the crypto industry.
According to data from Google Finance, the price of Tesla stock has been in terrible shape for the past few months. The Musk-led company’s stock fell 11% to settle at $109.10, marking the seventh straight day of declines with the worst decrease since April.
Consequently, Tesla lost its ranking as one of the top 10 most valuable firms in the S&P 500 Index, a distinction it had maintained for years. The electric car manufacturer’s market cap also decreased to around $345 billion, less than Walmart Inc., JPMorgan, and Nvidia Corp., resulting from the most recent selloff.
On the other hand, the most prominent crypto, Bitcoin (BTC), experienced positive growth in the last month, unlike Tesla, which has been down by over 40%. Nonetheless, data from the analytic firm, Intotheblock, suggested that BTC and Ethereum (ETH) have underperformed on the year-to-date time frame against traditional assets like the S&P 500 and the Nasdaq 100.
Furthermore, Intotheblock argued that the number of new addresses created on the BTC network climbed down by over 8% in the past seven days. This activity decrease suggests that investors may be uninterested in buying Bitcoin at the current price levels.