How powerful is Elon Musk in the cryptocurrency market?
ELON MUSK has recently attracted a lot of attention due to his social media comments, which have generated market turbulence. But how powerful is Elon Musk in the cryptocurrency market?
Elon Musk is well-known for his frequent use of social media to express his opinions. This entrepreneur has a massive platform to voice his thoughts, with over 59.8 million Twitter followers. In the past, his comments about cryptocurrencies have caused markets to spike or crash.
Elon Musk is the co-founder of SpaceX and the famed CEO of Tesla.
The millionaire entrepreneur is no stranger to social media, as his fans devour his daily updates.
And Mr Musk’s new tweet has sent cryptocurrency values skyrocketing once more.
Folk Inu, an obscure, meme-inspired cryptocurrency, is the most recent cryptocurrency to reach new highs.
With the message “Floki has arrived,” Mr Musk shared a photo of his new Shiba Inu dog with his Twitter followers.
As a result, currency values have been spiraling higher at an alarming rate.
How much of an impact does Elon Muck have on the cryptocurrency market?
Mr Musk has amassed a sizable following on Twitter in the crypto market, and his fans appear to be following his advise.
Mr Musk has been dubbed “bitcoin’s biggest influencer” by the Wall Street Journal.
“Elon Musk’s tweets and public pronouncements have had a big influence on the crypto market, primarily bitcoin and Dogecoin prices,” said Dr Pooja Lekhi, a professor at University Canada West.
“Back in February 2021, Musk stated that Tesla had invested $1.5 billion in bitcoin and would accept it as payment, driving the price up by 16 percent to a record $44,795, according to Dr Lekhi.
“A few months later, in May, when Musk tweeted that Tesla would no longer accept Bitcoin as payment owing to the massive carbon footprint of digitally mining for Bitcoin, the cryptocurrency’s value plummeted, plunging from $54,700 to $46,000 in less than two hours after Musk’s tweet.”
But it appears that Mr Musk isn’t the only one with the ability to influence the cryptomarkets.
After being endorsed by other A-listers, the price of several cryptos has changed.
But can other celebrities have the same impact on the markets as Mr Musk? Dr. Lekhi appears to disagree.
“There is no resemblance,” she remarked. “Brinkwire Summary News.”