How Did Elon Musk's Tweets Impact Dogecoin Prices?

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 “Time is the ultimate currency” that’s the recent tweet SpaceX CEO made and that 'practically' shook the crypto market.


Elon Musk is the only individual who has amassed enough power to influence markets with a single tweet. Every time he tweets on cryptocurrencies, the celebrity CEO, who has over 55 million followers on Twitter, the market plunges or dips. 


In May, the SpaceX CEO drove up dogecoin values by 30% after tweeting that he was working with dogecoin developers to increase the currency's efficiency. A similar tweet sent out later in May led dogecoin prices to surge as well. SpaceX announced earlier this month that it will take the meme-inspired coin as payment for flying payloads to the moon.


So, what are his top 3 impactful tweets:


  1. On February 4, Elon posted a tweet stating, ‘Dogecoin is people’s crypto,’ and that resulted in more than 50 percent rise in the last 24 hours.

  2. On December 14, Musk revealed that Tesla would test taking Dogecoins for items, causing the price to rise 43 percent in the following two hours.

  3. The tech entrepreneur, on April 1 tweeted that his business, SpaceX, will place a "literal Dogecoin" on the "literal moon." "To the moon" is a metaphor used in the finance world to describe investments that continue to soar high over a long period of time. As a result, the increasing tendency might be compared to a rocket ride to the moon.


These tweets show the impact Elon Musk has on the digital space. With over 68 million followers on Twitter, Tesla CEO leaves no stone uncovered in his quest to leave his followers puzzled with his out-of-this-world tweets. 


Well, especially in the case of cryptocurrency, it is true that "As Elon Musk Tweets, So Goes The Crypto Market." That appears to be true to a large measure as well.


The immediate influence that his tweets have on the crypto market frequently raises concerns about the market's stability, which can be so readily affected by his tweets.


Did Musk’s impact on prices diminish over the year?


Possibly the billionaire had outstayed his welcome, or maybe the market had become more sensible. Without Musk's ongoing assistance, Bitcoin was able to weather a three-month bear market during the summer and reclaim April's highs during the winters. 


Dogecoin had lost its lustre, and "the dogfather's" latest dogecoin-themed tweets failed to pique the market's interest. But it can grow if the SpaceX CEO puts more thoughts into his tweets.


That said, Dogecoin is a cryptocurrency that was never intended to be taken seriously. Ten thousand new Dogecoins are programmed to be distributed every minute for the rest of eternity, implying that the value was never intended to remain stable. However, big faces like Elon Musk have kept it in the spotlight, and traders have chosen to defy logic.

Comments

  1. Tradesilvania ExchangeOctober 3, 2022 at 11:29 PM

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