What influence does Elon Musk have on the cryptocurrency market?

Elon Musk is well-known for sharing his opinions on social media. This entrepreneur is well-known for sharing his opinions on social media. He has more than 59.8million Twitter followers. In the past, his tweets about cryptocurrency have seen the market skyrocket and plummet.

Elon Musk, the famous boss at Tesla and cofounder of SpaceX is well-known.

Social media is not something that the billionaire entrepreneur has never done. His regular posts have been embraced by millions of his followers.

The latest Tweet from Musk has sent crypto prices soaring again.

The latest cryptocurrency to hit an all time high is Folk Inu. It’s a obscure and meme-inspiring cryptocurrency.

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The Wall Street Journal called Mr Musk “bitcoin’s greatest influencer”.

Link” href=”https://www.express.co.uk/”>Express.co.uk: “Elon Musk’s tweets and public statements have had a huge influence on the crypto market, mainly bitcoin and Dogecoin prices.”

Dr Lekhi explained that Musk had announced in February 2021 that Tesla had invested $1.5 Billion in Bitcoin and that the company would accept it as payment. This drove the record price to $44,795.

Musk sent a tweet in May saying that Tesla wouldn’t accept Bitcoin payments. This was due to Tesla’s large carbon footprint. The cryptocurrency dropped from $54,700 down to $46,000 just two hours after Musk posted it.

It seems that it is not only Mr Musk that has the ability to influence the cryptomarkets.

After being promoted by A-listers, certain cryptos’ prices have fluctuated.

However, can Mr Musk’s celebrity influence other stars on the market? However, Dr Lekhi does not seem to believe so.

She stated that there is no comparison between Elon and Kim Kardashian in terms of influencing crypto markets.

“Even with Kim Kardashian’s considerable efforts to promote Ethereum Max, (EMAX), approximately 32 percent of the token’s value was lost within 24 hours after her Instagram Story.”

She said: “When it is about influencing financial markets we cannot compare world’s wealthiest tech entrepreneur who can launch his crypto with a TV personality or beauty brand owner who can best influence public opinion by endorsing cosmetics and beauty products.”

The “Elon Musk Effect” has been described as Musk’s impact on cryptomarkets.

The crypto community continues to be rocked by this phenomenon.

No matter how obscure, every tweet sent by Tesla’s boss has been a success.

Publiated at Mon, 13 Sep 2021 22:40:22 (+0000).

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