Elon Musk is a highly influential figure in the business and technological world. His words carry immense significance for the finance sector. His electric car company Tesla, and SpaceX program have repeatedly made headlines because of their success and wide popularity. However, cryptocurrency is that one thing that is constantly linked with Musk. Owing to his repeated tweets, he has developed a fairly controversial relationship with the crypto market.
Over the course of the last few months, Elon Musk has had a ‘hit or miss relationship with the Bitcoin community. He always set waves in the crypto market through his tweets. Many experts believe that these tweets are ‘uncalled’ for, and they are only used to manipulate the crypto market. There have been many instances when the market has crashed or progressed because of his targeted comments.
The latest flurry of tweets
This time around, Musk tweeted that Bitcoin ‘is a helluva dog’. This tweet came in a reply to a video of bitcoin investors, posted by a random Twitter user. Earlier this week, Musk tweeted an indication towards a breakup with Bitcoin. Most recently, he also threw shade on people accusing him of manipulating the crypto market.
👆
— Elon Musk (@elonmusk) June 5, 2021
Elon Musk has also been an advocator and supporter of the joke cryptocurrency, Dogecoin. His tweets have severely impacted the prices of Dogecoin. Doge suffered major dents since his SNL appearance. However, over the last week, Doge pushed its limits and rose sharply. The major reason for this upsurge was Musk’s tweet that compared Doge with the US Dollar.
— Elon Musk (@elonmusk) June 4, 2021
It is astonishing to see that how an individual can toy with the crypto market to such a great extent. Elon has been able to push Doge into the top 5 cryptocurrencies, in terms of market capitalization. A crypto token that was never expected to touch 1 cent, made an all-time high of over 74 cents.
Apart from this, the CEO of Tesla posted a cryptic tweet that was referred to the adult industry via certain emojis. Analysts say that it was intended to make blockchain an inclusive feature in the adult industry as well. As a result of this tweet, a crypto token named, Cumrocket has seen a massive outgrowth of over 85%.
💦🚀 –> 🌙
— Elon Musk (@elonmusk) June 5, 2021
As a response to Elon, developers have issued crypto tokens, like STOPELON. However, these figures and events show that how Elon Musk has influenced trends in the crypto market, that too, from only a few words.
