The Musk Effect on Cryptocurrency: How Elon Musk Influences Prices
Ikemefuna Nmesoma. P.Table of contents
Every buy-and-sell market has important factors and personalities that influence its sales and prices. However, for more benefit, people tend to be more focused on the increased ability aspect, as that is the direction users/consumers would like to delve into.
In contrast, Elon Musk - a 28th June, 1971 South-African-born American investor and entrepreneur, the CEO of Tesla Motors and SpaceX rocket company, have so far had a great influence in the Cryptocurrency industry. Elon has been able to make a very known impact in Cryptocurrency, such that he can earn the status of an "ultimate holder" in a Cryptocurrency coin.
Many might have wondered how such a single entrepreneur could have been able to influence an industry as large as crypto.
Well, let's get into the real deal - I'm curious too!
What Does Elon Musk Say About Cryptocurrency?
Seeing the future that Cryptocurrency holds, Elon Musk has proven his ultimate holder status on $DOGE, by tweeting sometime on 20th May, 2021 that; he wouldn't sell and has never sold any of his dogecoins. This, however, gave it the name; Elon Dogecoin.
Moreso, it's been made known in one of Musk twitter that he finds Cryptocurrency interesting and can seamlessly discuss the Cryptocurrency concept of money.
How Elon Musk Influences Crypto Price
In early 2021, Elon Musk had the Cryptocurrency industry almost under his control, as one of his tweets made it to Musk Twitter, where he had asked users about Tesla being accepted in Tesla.
This occurred after one of his tweets on buying a Tesla with Bitcoin made Bitcoin rise to almost $65,000 within a month of the tweet. It however made the 2021 bitcoin price action dependent on Elon Musk.
With this, one can obviously see that Elon's tweets on Cryptocurrency affect the crypto price and market fluctuations in the Cryptocurrency industry.
How Elon Musk Drives Buyer's Sentiments
Just as reviews or ideas of high personalities influencing a known large tangible market (e.g Apple company) controls how consumers will want to own that product or have an effect on their market fluctuations, in the same way, Elon Musk's tweets and interview replies drives the sentiments or clears doubts other investors may have in a particular coin.
An example of this can be seen in the previous section of Elon's tweets on not selling his dogecoin, this obviously spiked the coin's worth, as more users were recorded in a little time and space.
Which Cryptocurrency is backed by Elon musk?
Obviously, through his love for memes, jokes and dogs, as related to $DOGE, you can say that Elon backs and supports Dogecoin quite well, after Bitcoin.
Furthermore, he stated Dogecoin's advantage over Bitcoin, which we will discuss subsequently.
This thereby influences Dogecoin's market fluctuations.
Why does Elon Musk Like Dogecoin To Bitcoin?
Musk declared in his tweets on Feb 24, 2021, the reason he loves $DOGE so much is that he loves dogs and memes. He went further to state this clearly by again tweeting that; Dogecoin is better to buy things with, as the transaction value of bitcoin is low and the cost per transaction is high, compared to $DOGE. Hence, $BTC is only suitable as a store of value and not for item purchases.
However, on May 8, 2021, he conducted a Twitter poll on considering the acceptance of Elon Dogecoin in buying Tesla. This came with over 90% of users agreement with the poll.
Certain ways Elon Musk influence coin pumping
Fundamentally, Elon influences coin pumping through his regular tweets. However, some other ways he influences them are;
His relevance and popularity.
Meme creation on coins.
His replies to tweets about Cryptocurrencies.
His company's involvement with certain coins.
Some Of Elon Musk's Cryptocurrency Tweets
Below are some of the Elon Musk tweets that affected Bitcoin price action, and market fluctuations, as well as brought about Elon Dogecoin.
In conclusion, Elon Musk has had a huge effect on the Cryptocurrency industry, with all these stated above. You can as well see that even a newbie in the Cryptocurrency industry that is following Elon Musk's tweets or updates may not be lost. You always have a choice to make
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Written by
Ikemefuna Nmesoma. P.
Ikemefuna Nmesoma. P.
Peace is a Technical and content writer, SEO Copywriter, and community/customer support manager. I have written articles for websites and blogs, whilst still maintaining being that 'happy community/customer support manager'. I create high-engaging writing in any niche, and I am certain about delivering to your expectations. Below are what you expect; Fully SEO Optimized writing. 100% Unique and Plagiarism Free Keyword and LSI optimization Attention + Rankable and catchy headings H1, H2, H3, H4 Proper & Valid Research-Based Optimized from Grammarly Stock Photos Meta Description and Meta Titles Soft skills: Competent Attention to detail Good communication skills Creative Teamwork Leadership skills Management Send an email to ikemefunanmesoma@gmail.com to learn more.