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Elon Musk’s posts about cryptocurrencies have often resulted in significant gains for Bitcoin, Dogecoin, and SHIBA INU. How many do you remember?
X (still commonly known as Twitter) is a crucial platform for the crypto community. It has facilitated interaction among early adopters and helped Bitcoin and Ether gain mainstream attention. Frequently, crypto terms trend on this platform, and currently, there’s buzz around #HAMSTERKOMBAT.
“Elon Musk’s posts have had a huge and sudden impact on the crypto markets.”
Musk, who now owns X, was particularly active in posting about digital assets until a few years ago. Research by Bitomat reveals the tweets that had the most impact, offering a historical perspective on the volatile journey of cryptocurrencies.
Dogecoin’s Meteoric Rise
On December 20, 2020, Musk tweeted, “One word: Doge.” This simple post caused Dogecoin to double to $0.004 in the following days. This altcoin experienced an incredible bull run, peaking at $0.7376. Someone who invested at the time of this post would have made $184 for every $1 invested. Dogecoin remains one of the largest cryptocurrencies by market capitalization today.
Bitcoin’s Surge
In January 2021, Musk quietly added #bitcoin to his bio. Once noticed, it caused Bitcoin to surge from $32,000 to over $38,000, an almost 20% increase in just a few hours. Such sudden and substantial increases are rare in today’s market.
Negative Impact on Bitcoin
On May 12, 2021, Musk announced that Tesla would no longer accept Bitcoin due to concerns about its energy use and carbon emissions. This announcement led to a 19% drop in Bitcoin’s value, from $58,000 to $47,000.
Dogecoin as “The People’s Crypto”
On February 4, 2021, Musk tweeted, “Dogecoin is the people’s crypto,” leading to a 50% boost in DOGE’s value, from $0.04 to $0.06. This post garnered 100,000 retweets, introducing Dogecoin to many new investors.
The SHIBA INU Effect
On March 14, 2021, Musk tweeted, “I’m getting a Shiba Inu #resistanceisfutile,” causing SHIBA INU to triple in value. SHIBA INU remains the 11th-largest cryptocurrency by market cap, surpassing many established companies.
Utility for Dogecoin
In December 2021, Musk tweeted that Tesla would make some merchandise buyable with Dogecoin. This announcement resulted in a 43% rally for DOGE. Similarly, a tweet from Mark Cuban acknowledging DOGE’s low transaction fees caused a 78% increase.
Series of Influential Tweets
Several of Musk’s tweets within a four-week period in early 2021 significantly boosted Dogecoin’s market cap. Phrases like “No highs, no lows, only Doge” and “Bought some Dogecoin for lil X, so he can be a toddler hodler” all delivered double-digit gains.
However, Dogecoin is now trading at 82% below its all-time high set in May 2021, showing the temporary nature of these spikes. Musk’s influence led to a $258 billion lawsuit accusing him of manipulating the Dogecoin market, which his lawyers are still fighting to dismiss.
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