Elon Musk’s tweets garner plenty of consideration on Twitter, the place he has over 47 million followers. To say the least, it’s an understatement, as his tweets have proven to maneuver markets and public sentiment. The worth of Bitcoin soared about 20% in a matter of hours after he modified his Twitter bio to #bitcoin in late January.
Musk has additionally tweeted about Dogecoin however lately said in a Clubhouse chat that his tweets are “jokes.” Individuals hear—and act—when Musk tweets, whether or not it’s a joke or not.
The Blockchain Analysis Lab in Germany undertook some analysis to review the “Musk Impact,” and Lennart Ante, who works there, got down to quantify it. Musk talked about cryptocurrencies in latest tweets (or “occasions” like altering his Twitter bio), together with Bitcoin, and even talked about Dogecoin.
Let’s check out his prime 5 tweets that shook the crypto ecosystem:
1. Stopping BTC transactions at Tesla
Elon Musk’s latest assertion about Tesla’s plan to now not settle for Bitcoin funds owing to environmental considerations has generated debate within the cryptocurrency neighborhood. Cryptocurrency followers had been greatly surprised by this information. Elon Musk is a giant supporter of cryptocurrencies normally, and he’s been a giant fan of Bitcoin for a very long time. Nevertheless, his abrupt U-turn stung the value of BTC. Within the two hours following the submit, bitcoin fell from US$54,819 to US$45,700, its lowest stage since 1 March. The drop is estimated to be 17%. Tesla mentioned within the early months of 2021 that it had bought US$1.5 billion in Bitcoin and would settle for it as cost for vehicles. Bitcoin’s worth had soared because of the automaker’s transfer.
2. A Image hinting at DOGE
Musk’s tweet concerning DOGE in January didn’t garner the identical on the spot response on the cryptocurrency as his Twitter bio change, nevertheless it had a big affect nonetheless. The worth of Dogecoin rose over 300% in 4 hours after the tweet earlier than dropping almost half of its new excessive within the following couple of hours. Musk’s DOGE tweet aided in a short-term commerce surge roughly 5 hours following the tweet, just like the day past’s Twitter occasion.
3. Bitcoin is my safeword.
Musk’s Bitcoin and cryptocurrency tweets don’t all have a helpful impact on costs. His tweets “Bitcoin is my secure phrase” and “Bitcoin is sort of as bs as fiat cash” on 20 December final 12 months had been adopted by a 1.7% drop in BTC’s worth, with no discernible change in buying and selling quantity.
4. One Phrase: Doge
In late December final 12 months, Musk’s submit and a subsequent change of Twitter bio had one of the vital important results of his Twitter exercise. Ante claims that:
“The typical buying and selling quantity of DOGE/USDT within the half-hour earlier than the incident was roughly $1,942 per minute with a mean of 9 trades per minute. The typical buying and selling quantity per minute within the half-hour following the tweet was round $299,330, with 775 trades per minute.”