9 Elon Musk Tweets That Moved Crypto Markets

Elon Musk’s short crypto posts have repeatedly generated double-digit gains for Bitcoin, Dogecoin, and SHIBA INU. How much do you remember?

X (also called Twitter by practically everyone) has long established itself as one of the most important social networks for crypto community.

In addition to giving early adopters the ability to interact with each other, it is allowed Bitcoin And Ether to burst into mainstream consciousness.

Hardly a day goes by without a crypto term trending on the platform – and at the time of writing, unsurprisingly, there’s a lot of buzz about it. #HAMSTERKOMBAT.

During this time, Spaces became a popular forum for in-depth conversations about the values ​​that underpin the industry…and they often attracted some really big names.

There have also been times when posts (ahem, tweets) have had a huge and sudden impact on 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 was avidly posting about digital assets until a few years ago. Of course, he now has X.

Bitomat Recently published research looked at the tweets that had the most impact, and it’s a pretty good history lesson in the wild journey that cryptocurrencies have been on so far.

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

Dogecointhen a relatively specialized memecoin, doubled to $0.004 in the days following this release in December 2020.

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

Someone who has been exposed to this altcoin At the time of this article, I would have ended up making $184 for every dollar invested.

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

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OK, so 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.

A rise from $32,000 to over $38,000 – almost 20% – occurred in a matter of hours. Such sudden and substantial increases are rather rare these days.

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

The billionaire scared the markets by announcing that You’re here would be no longer accepts Bitcoin amid concerns about its energy consumption and carbon emissions.

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

Musk was arguably DOGE’s biggest booster in 2021.

This message generated an additional 50% increase in February of that year – from $0.04 to $0.06 – and garnered 100,000 retweets.

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

Sometimes it ended up moving markets quite unpredictably.

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.

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

DOGE rose 43% on this single item in December 2021, with Musk adding a layer of utility previously lacking by accepting it as a form of payment.

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

All of these tweets came within four weeks of each other – and were undoubtedly instrumental in DOGE’s improbable rally to a market capitalization that (temporarily) even surpassed some of the world’s oldest banks.

Each delivered double-digit gains – with “no ups, no downs, just Doge” performing particularly well and getting a 50% increase.

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

And in a sign 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 of the world to exploit and manipulate the Dogecoin pyramid scheme.

His lawyers keep fighting for the lawsuit to be dismissed.

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