9 tweets from Elon Musk that moved the cryptocurrency markets

Elon Musk’s short posts on cryptocurrencies have produced 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 established itself as one of the most important social networks for cryptocurrency Community.

In addition to giving early adopters the opportunity to interact with each other, it is allowed Bitcoin AND Ether to break into mainstream consciousness.

Not a day goes by without a cryptocurrency-related term trending on the platform, and at the time of writing, it’s no surprise that there’s a lot of talk about this topic. #HAMSTERKOMBAT.

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

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

You won’t be surprised to know that most of them come from a man: Elon Musk – who until a few years ago published avidly about digital resources. Of course he owns X now.

Bitomat recently released research that delved into the tweets that had the most impact, and it’s a great history lesson on the wild journey cryptocurrencies have been on so far.

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

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

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

Someone who had exposure to this altcoins 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 it’s not a tweet, we admit, but it happened on Twitter, so that counts for something.

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

In a few hours there was a surge from 32,000 dollars to over 38,000 dollars, almost 20%. Such sudden and substantial increases are quite rare nowadays.

Just as Bitcoin’s volatility can work both ways, the same goes for Musk’s posts.

The billionaire scared the markets when he announced it Tesla I wanted I will no longer accept Bitcoin amid concerns about its energy consumption and carbon emissions.

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

Musk was undoubtedly DOGE’s biggest booster in 2021.

This post produced another 50% increase in February of that year – from $0.04 to $0.06 – and garnered a whopping 100,000 retweets.

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

Sometimes it ended up moving the markets in rather unpredictable ways.

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

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

DOGE rallied 43% based on this post alone in December 2021, with Musk adding a layer of previously lacking utility by accepting it as a payment method.

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

All of these tweets came within four weeks of each other and no doubt played an instrumental role in DOGE’s unlikely rise to a market capitalization that even (temporarily) surpassed some of the world’s oldest banks. world.

Each produced double-digit earnings – with “no highs, no lows, just Doge” performing particularly well and securing a 50% increase.

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

And proving that his posts 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 manage and manipulate the Dogecoin pyramid scheme”.

His lawyers keep fighting to have the lawsuit dismissed.

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