Should investors consider Elon Musk tweet’s impact on Cryptos? Read here

New Delhi: Tesla and SpaceX chief Elon Musk is one of the most influential personalities who can turn the trends in the crypto world. Elon’s social media presence can take a token up or downside ride. But Musk keeps throwing hints of his heartful love for crypto coins.

World’s largest cryptocurrency Bitcoin was created in 2009 and till 2020 Elon did not show any interest in virtual coins. Out of nowhere Musk in early February 2021, announced that Tesla has bought crypto worth $1.5 billion. This eventually helped the cryptocurrency market to go to the moon and give historical highs. Many experts call it the Elon Musk effect in the world of digital currencies.

Recently Elon’s tweet gave a jump of 30% to dogecoin spinoff Floki Inu. Actually, Tesla Cheif has a dog named Floki which is a Shiba Inu breed. Yes, this is not the first time that Musk has left the crypto world shaken.

In March he tweeted that ‘I am getting a Shiba Inu”

On June 25, he tweeted ‘My Shiba Inu will be named Floki’

On September 12, he goes on to tweet ‘Floki has arrived’ with the picture

These tweets helped Floki Inu to rise by 1,000% by Sep 15. As per the data, the currency rose by 10 times within the span of 3 days after Elon’s tweet.

Well, this is not the only case, back in February 2021 Elon went to write that ‘Dogecoin is the people’s crypto’ which gave the DOGE a jump of 50% and overall, Dogecoin has seen the jump of 15,000% in just one year.

Later in March 2021, Elon announced that Tesla will be accepting payment in bitcoins which took the BTC to an all-time high of $64,000.

Then in May, Elon announced that Tesla will not accept BTC over environmental concerns. He took to Twitter and said that he is concerned about the rapidly increasing use of fossil fuels. Elon admitted that BTC is a good idea but it can’t come at the cost to the environment.

Bitcoin saw a major correction of 27% after this statement and DOGE also saw a drop of 20% in the same month.