9 Elon Musk Tweets That Moved Crypto Markets

Elon Musk’s short posts about crypto have generated double-digit gains for Bitcoin, Dogecoin, and SHIBA INU on multiple occasions. How many do you remember?

X (still referred to as Twitter by practically everyone) has long been established as one of the most important social networks for cryptography community.

In addition to giving early adopters the opportunity to interact with each other, it allows Bitcoin It is Ether to burst into mainstream consciousness.

Barely a day goes by without a crypto term not trending on the platform – and at the time of writing, unsurprisingly, there was a lot of buzz about #HAMSTERKOMBAT.

Meanwhile, Spaces has become a popular forum for in-depth conversations about the values ​​that underpin the industry… and has often attracted some big names.

There have also been times when posts (ahem, tweets) have had a huge and sudden impact on the crypto markets… and not always in a good way.

You won’t be surprised to learn that most of them came from one man – Elon Musk – who posted avidly about digital assets until a few years ago. Of course, he now owns X.

Bitomat a recently released survey that investigated the tweets that had the biggest impact, and it’s a good history lesson on the wild ride cryptocurrencies have been on so far.

Who knew three little words could make such a big difference?

Dogecointhen a relatively niche memecoin, it doubled to $0.004 in the days following this post in December 2020.

DOGE was on the verge of an incredible bull run that would see its price peak at $0.7376 – and incidentally, the top was reached when Musk called it a “hustle” on Saturday Night Live.

Someone who gained exposure to this altcoin at the time of this post I would have ended up earning a whopping $184 for every $1 invested.

It remains one of the largest cryptocurrencies by market capitalization to this day.

Screenshot: X

OK, so we don’t admit a tweet – but it happened on Twitter, so that counts for something.

Musk quietly added #bitcoin to his bio in January 2021, and once it was noticed by Bitcoiners, it had a huge impact on the value of the world’s largest cryptocurrency.

A surge from $32,000 to more than $38,000 – nearly 20% – happened in just a few hours. Such sudden and substantial increases are quite rare nowadays.

Just as Bitcoin’s volatility can work both ways, so can Musk’s posts.

The billionaire scared the markets by announcing that Tesla he would be I no longer accept Bitcoin amid concerns about its energy use and carbon emissions.

This led to a 19% drop in the value of BTC, from $58,000 to $47,000.

Musk was arguably DOGE’s biggest booster in 2021.

This post generated another 50% increase in February of that year – from $0.04 to $0.06 – and got an incredible 100,000 retweets.

How many people do you think saw this and learned about Dogecoin for the first time?

Sometimes he ended up moving the markets in very unpredictable ways.

Dogecoin’s success sparked a rush to create several smaller memecoins – and one of them was Shiba Inuthe race of Kabosu, who was the original Doge.

The value of SHIB ended up tripling based on five little words and a hashtag. Even now, it remains the 11th largest cryptocurrency in the world, with a market capitalization that far exceeds some established companies.

DOGE is up 43% just based on this post in December 2021, with Musk adding a layer of utility that was previously missing by accepting it as a payment method.

There was a similar effect and a 78% increase when Marcos Cubano acknowledged its low transaction fees in a tweet two months later.

All of these tweets emerged within four weeks of each other – and no doubt played a key role in DOGE’s unlikely recovery to a market capitalization that even (temporarily) exceeded some of the world’s oldest banks.

Each delivered double-digit gains – with “no highs, no lows, just Doge” doing particularly well and securing a 50% increase.

But as the old saying goes, all good things come to an end. DOGE is now trading 82% below the all-time high set in May 2021 and has failed to spark during the current bull run.

And in a sign that his publications had lasting consequences, a group of investors later sued him for a staggering $258 billion – accusing him of using “his pedestal as the richest man in the world to operate and manipulate the Dogecoin pyramid scheme.”

Your lawyers continue the battle for the case to be archived.

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