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How seriously should investors consider the impact of Musk’s tweets on cryptos?

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Elon Musk’s tweet recently boosted the price of Floki Inu, a dogecoin offshoot, by 30%. Tesla Cheif actually has a Shiba Inu dog named Floki.

New Delhi: Elon Musk, the CEO of Tesla and SpaceX, is one of the most powerful figures in the cryptocurrency world. Elon’s social media presence has the potential to go up or down. Musk, on the other hand, keeps dropping signals about his deep affection for cryptocurrency.

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The world’s largest cryptocurrency, Bitcoin, was founded in 2009, and Elon has shown little interest in virtual coins until 2020. Musk claimed in early February 2021, seemingly out of nowhere, that Tesla has purchased $1.5 billion in cryptocurrency. As a result, the bitcoin market was able to reach new highs and set new records. In the field of digital currencies, many experts refer to it as the Elon Musk effect.

Elon Musk’s tweet recently boosted the price of Floki Inu, a dogecoin offshoot, by 30%. Tesla Cheif actually has a Shiba Inu dog named Floki. Yes, this isn’t the first time Musk has caused a stir in the cryptosphere.

‘I am getting a Shiba Inu,’ he tweeted in March.

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

On September 12, he tweets, “Floki has arrived,” along with a picture.

By September 15, Floki Inu had risen 1,000 percent as a result of these tweets. According to the data, the currency increased by tenfold in three days following Elon’s post.

This isn’t the only occasion; in February 2021, Elon went on to say that “Dogecoin is the people’s crypto,” causing the DOGE to increase by 50% and Dogecoin to increase by 15,000 percent in only one year.

Elon Musk said in March 2021 that Tesla will accept bitcoin as payment, causing the BTC to reach an all-time high of $64,000.

Elon then declared in May that Tesla will not take BTC due to environmental reasons. He expressed his alarm about the rapidly expanding consumption of fossil fuels on Twitter. Elon said that BTC is a fantastic idea, but it cannot be done at the expense of the environment.

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