Elon Musk has become much more popular in mainstream media over the past few years. As the CEO of big companies like SpaceX, Tesla, and more recently, Twitter, he has had a huge presence in the digital world.
An interesting fact about Elon Musk is that he’s been vocal about his crypto support sometimes, which has made the value of certain coins skyrocket. In a world where crypto scams are common, it’s no surprise that many people would like to invest in the same cryptos as the biggest CEOs on the planet.
Here, we’ll look at how Elon Musk has affected the crypto market with his tweets and what everything means for future investors.
Elon Musk’s Tweet About Dogecoin
Elon Musk has talked about several cryptos in the past, including Ethereum and Bitcoin. Every time that Musk makes a tweet about a cryptocurrency, it’s expected to either skyrocket or plummet in value within a few minutes or hours.
The crypto that Musk has supported the most, though, is Dogecoin. He has mentioned it quite a few times in his Twitter profile, which made a “meme coin” one of the best-performing assets in the market.
Everything started back in 2020 when Elon made a tweet that simply read “One Word: Doge.” That was enough to increase the average trading volume in the following 30 minutes to almost $300,000, with 775 trades per minute.
Before the tweet, the average trading volume was about $1,942 and nine trades per minute.
In early 2021, Elon Musk tweeted about the DOGE coin again. The tweet was a simple picture that mocked the popular “Vogue” magazine.
After he made that tweet, the price of Dogecoin increased by over 300% in less than five hours. It increased by over 800% after a day.
Here are other times when Elon Musk mentioned the crypto:
- Dogecoin on the Moon – April 1, 2021: Elon Musk tweeted that SpaceX would “put a literal Dogecoin on the literal moon.” Even though it was never confirmed, this appeared to be an April Fool’s joke.
- McDonald’s – Jan 25, 2022: The tweet stated that Elon would go and “eat a happy meal on TV if McDonald’s accepted Dogecoin.” It made the price of Dogecoin increase by approximately 9%.
- Tesla Merch – May 27, 2022: DOGE’s price increased for a few hours after Elon Musk made a tweet saying you could buy Tesla merch with the crypto.
- Dogecoin Support – June 19, 2022: Elon Musk claimed he would keep supporting Dogecoin in a Twitter post. At that time, Elon Musk got sued for over $258 billion. The lawsuit got filed by a Dogecoin investor who accused Elon of allegedly running a pyramid scheme to support the crypto.
- Promo Video – Jul 25, 2023: Recently, Elon Musk tweeted a promo video because of his Twitter rebranding. The tweet was shared by a Dogecoin designer. Even though it’s not a direct mention of the crypto, it was enough to get the price up by 9%.
Other Tweets from Elon Musk That Affected the Crypto Market
Dogecoin isn’t the only crypto that Elon Musk mentioned in his tweets. The Twitter CEO’s posts have also affected big cryptos like Bitcoin.
The most relevant tweet about this topic happened on May 12, 2021. Elon Musk made a tweet saying that Tesla was planning to not accept Bitcoin payments anymore. The tweet made Bitcoin’s price at the moment drop from $54,819 to $45,700.
Musk has made several other tweets talking about cryptocurrencies, but they haven’t had such an effect on their value as the previous ones we just mentioned.
The Power of Social Media in the Crypto Market
It’s safe to say that Elon Musk has caused quite an effect on the crypto market allowing many investors to trade with Oil Profit and enjoy higher profits. This tells us just how important social media has become in today’s world.
Many social media platforms like Twitter, Instagram, and TikTok are expected to keep having a big influence on people over the next years. Influencers with a high follower count are more likely to get people to invest in something just because they mentioned it somewhere.
Social media has had a positive effect on society, but many people see it as a double-edged sword. Many social media companies work toward making their apps more addicting than the rest, which can cause a wide range of mental health issues in people.
The crypto market is known for being volatile and involving a lot of emotions when trading. If you’re someone who looks up to crypto influencers, make sure to double-check the information you get before making any significant decision; this could save you from losing money.
