While the cryptocurrency market’s growth has been mainly attributed to the amount of individual and institutional investors flocking the space recently. The effect of social influencers in the market cannot be undermined. Elon Musk, the richest man in the world and CEO of Tesla, is one of the few influencers who have been moving the crypto market recently. The Billionaire investor, who invested about $1.5 billion in Bitcoin in January, has recently been tweeting about Bitcoin and Dogecoin. Coincidentally, anytime he tweets about these cryptocurrencies, the market prices always move to the positive.
Musk didn’t have any effect on Dogecoin last week
The first time the Billionaire tweeted about Dogecoin, the altcoin’s fortunes experienced a drastic turnaround in fortunes. He continued in the same vein and even labeled himself the owner of Dogecoin. However, in an interview in January, the Billionaire confirmed that all his tweets about Dogecoin have being a joke, as he enjoys messing around the altcoin. Last Saturday, Musk tweeted that he would be getting a Shiba Inu dog, a Japanese ancestral name affiliated to Dogecoin.
Unfortunately, that move did not affect Dogecoin, as the altcoin did not drop or gain in the same period. Surprisingly, many of his followers were surprised that the latest tweets concerning Dogecoin from Musk did not seem to shake the market. Elon Musk has been credited to being one of the biggest movers of Dogecoin in the last few months, which had seen a rise in price and market cap of Dogecoin. The token, which hit an all-time high of $0.09 earlier in the year, had also seen a massive increase in its trading volume, as many investors have now flocked to the altcoin since Musk’s tweets.
Musk’s latest tweet has now pumped SHIB
While the tweet from Musk last Saturday, believed by many to be affiliated to Dogecoin, did not affect Dogecoin. The tweet had coincidentally plummet the fortunes of another Blockchain project, SHIB. While many felt like Musk’s tweet could have also been a joke, others believed it could be a marketing strategy to promote SHIB. The price of SHIB, which instantly reacted to Musk’s tweet, rose by 300% in less than 24hours, attracting new investors to the project.
The project has also seen its token hit an all-time high in prices and has now witnessed a record trading volume high. However, while the intentions of Musk with his tweet are not clear enough to conclude from, it does not erase the fact that the Billionaire remains one of the movers of the market. Many analysts believe that market movers like Musk and Co. will propel the fortune of the cryptocurrency space and help with the market’s adoption. However, at the time of writing, there is no confirmation about Musk being interested in SHIB, despite his recent tweet being related to the new blockchain token.