Science

The Elon Musk Effect: Musk posts a new tweet! To find out!

Elon Musk showed no interest in bitcoin for 11 years after its launch in 2009. Then, in early February 2021, he said that Tesla had acquired $ 1.5 billion worth of coins, sending the cryptocurrency skyrocketing to new ones. heights. This phenomenon is now known as the “Elon Musk” effect.

A tweet from Elon Musk raised the value of Dogecoin by as much as 30% in early October. Musk owns a Shiba Inu, a Japanese breed of dog called Floki and well, it blew up the price of the Shiba (although Musk doesn’t own one) and the crypto Floki was created and released a few days later.

L’effet Elon Musk

Elon Musk’s tweets have already infuriated crypto investors. Musk said in March 2021, “I’m going to have a Shiba Inu.” He tweeted that he named his Shiba Inu, Floki, on June 25. An image of her dog laying on the carpet was shared on September 12. Crypto Floki Inu was up 1,000% on September 15 thanks to these tweets. Thus, in three days, Elon Musk’s tweet multiplied the value of the coin tenfold.

When Musk said that Tesla acquired $ 1.5 billion in bitcoin in February, the cryptocurrency soared 20% in one day. On February 4, he declared that “Dogecoin is the crypto of the people,” resulting in a 50% surge in one day. Overall, Dogecoin has risen 15,000% in one year thanks to support from Elon Musk on Twitter.

Bitcoin hit an all-time high of $ 64,000 in April after Musk revealed that Tesla would accept bitcoin payments.

Musk said in May that Tesla would not accept bitcoin for environmental reasons. He is concerned about the increased use of fossil fuels for bitcoin mining and transactions, especially coal, which generates the most pollution.

He said that bitcoin is a good concept, but not at the expense of the environment. Bitcoin fell 10% after this tweet.

Following this news, the number one cryptocurrency fell 27%. In the same month, Dogecoin fell by around 20%. Now Elon Musk has posted a new tweet: “At least 50% of my tweets were made on a porcelain throne. Leaving netizens wondering what will happen next.

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