Tesla CEO Elon Musk has attracted a lot of attention lately with his social media comments that caused fluctuations in the crypto market. So how effective is Elon Musk in the crypto market? Which cryptos does he have? Close followers of the industry, Pip Meurison and Dr. Pooja Lekhi answers…

Elon Musk addresses a huge crowd

Elon Musk is known for posting his views on social media. With more than 59.8 million Twitter followers, the Tesla and SpaceX CEO has a huge platform to share his thoughts. His tweets about cryptocurrencies have caused markets to skyrocket or crash in the past. Meanwhile, Tesla’s CEO is also notorious. However, the billionaire entrepreneur is gaining acceptance on social media as his regular posts are liked by his fans.

Musk’s latest tweet caused crypto prices to rise once again

Folki Inu, an obscure “meme”-inspired cryptocurrency, is the latest crypto to see its fiat dollar reach an all-time high. Musk shared a photo of the new Shiba Inu puppy with his Twitter followers with the caption “Floki has arrived”. This has caused the Folk Inu price to skyrocket at a surprising rate.

https://twitter. com/elonmusk/status/1437179881260032016

How much does Elon Musk influence the crypto market?

Using Twitter, Elon Musk has garnered a significant kidollard of fans in the crypto market, and his followers seem to be taking his advice. The Wall Street Journal described Musk as “Bitcoin’s (BTC) biggest influencer”. University Canada West Professor Dr Pooja Lekhi said:

Elon Musk’s tweets and public statements have had a huge impact on the crypto market, especially Bitcoin and Dogecoin prices.

Apart from these, Dr. Lekhi added:

Musk announced in February 2021 that Tesla had invested $1.5 billion in Bitcoin, and that the company would accept it as payment, increasing the price by 16 percent to a record $44,795. A few months later, in May, the cryptocurrency’s value plunged sharply from $54,700 to $46,000 when Musk tweedollarged that Tesla would no longer accept Bitcoin as payment due to the large carbon footprint of digital mining for Bitcoin. Two hours from Musk’s tweet.

Crypto prices are not only affected by Elon Musk

But it seems that Elon Musk isn’t the only one who has the power to shake up the crypto markets. Some cryptocurrencies have been bullish after being promoted by other A-listers. So, can other celebrities influence the markets the way Elon Musk did? Dr Lekhi doesn’t think so:

There are no comparisons between Elon Musk and Kim Kardashian when it comes to influencing the crypto market. Even after Kim Kardashian’s significant efforts to promote Ethereum Max (EMAX), the token lost about 32 percent of its value within 24 hours of the Instagram story. When it comes to influencing financial markets, we can’t compare the world’s richest tech entrepreneur who can issue his own crypto with a TV personality and beauty brand owner who can best influence the public by supporting beauty products and cosmetics.

Finally, Elon Musk’s influence on the crypto market is called the “Elon Musk Effect.” The Dogecoin phenomenon continues to shake up the crypto ecosystem. Every single tweet from the Tesla boss so far has either lowered or skyrocketed the price of the respective crypto…

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Michael Lewis


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