The latest impact of Musk’s tweet was noticed on May 19 when the entire crypto sector lost nearly $1 trillion at one point. A Musk tweet with barely any word and two emojis helped bitcoin and ether to pare back their losses later in the day on Wednesday.
Elon Musk’s tweets on cryptocurrency have truly unleashed the power of social media over the world. Even for bystanders and people who are not actively interested in cryptocurrency, the power that Elon Musk has over the cryptocurrency market cannot be ignored.
After all, Twitter is abuzz with the Tesla billionaire and the Musk Effect.
With about 55 million followers of Twitter, a certain amount of fan-worship is expected. However, it is his influence over the cryptocurrency market that has come as a shock. The recent fluctuations in the price of Dogecoin during Elon Musk’s appearance on Saturday Night Live are the prime example of this fact.
So, does Elon Musk really have an impact on the cryptocurrency market?
Is he bored and playing with the market?
Or is it just an illusion?
Take a look at the following image.
The graph above shows the changes in the price of Bitcoin from April 22 to May 22, 2021.
As you can see, the graph is volatile, to say the least. There are sharp pits and peaks throughout the one-month period.
Now, let’s attempt to decode these price movements.
On May 12, the price of Bitcoin dropped by 12.9%.
Do you know what else happened on the same day?
Elon Musk tweeted that Tesla would no longer be accepting payments in the form of Bitcoin. He claimed environmental concerns as the cause of this decision.
Now, the environmental concerns are valid.
There could be a million reasons for Tesla to make this statement.
However, it does not change the fact that one tweet from Musk was able to drop the price of an entire cryptocurrency by over 12%.
This cause-and-effect relationship between Elon Musk sharing his opinions and the cryptocurrency market reacting to it has been building up over the past few months. We may not have intended it or even realised that it was happening, but it has now happened.
The global cryptocurrency market is now a pliable marionette in the hands of Musk.
Are you convinced yet?
If not, keep reading.
Let’s flash forward to May 16, 2021.
On this day, Elon Musk’s tweet implied Tesla was either planning to or had already started selling its Bitcoin holdings. In response to this one-word tweet, the price of Bitcoin fell by 0.6% and reached the lowest values since February.
The very next day, Elon Musk came back to Twitter with another shocking comment.
Amidst all the hate comments and the open angst that crypto enthusiasts were expressing, Musk crept back into the spotlight with a ray of hope. Tesla had not sold any Bitcoin, he said. This seemingly offhand comment actually halted the price drop. The drop stabilised for a little while.
These examples are singled-out instances from a whole horde. Every tweet that Elon Musk posts seems to release floodgates of insanity in the cryptocurrency market.
There is no doubt about the fact that Elon Musk moves the crypto market. In fact, this opinion is so popular, that it has been named the Musk Effect.
So, the question therefore is, how is the market reacting to this?
Does the crypto space appreciate Elon Musk’s power?
Or have they had enough?
Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON. Where we get rich, without anyone controlling our fate except ourselves. All you have to do is BUY and HODL.
Given the way the Musk Effect has been steamrolling the free market forces in the cryptocurrency space, Stop Elon’s launch is not unexpected. The entire community is furious at Musk’s callous comments. He has been enjoying all the powers with none of the responsibility.
So, what is Stop Elon?
Can it really stop Elon Musk?
Created on the Binance Smart Chain, this cryptocurrency is becoming popular in leaps and bounds. Stop Elon comes from similar origins to Dogecoin – it is inspired by a meme. It was made as a response to Musk cavalier attitude, and it has given a common voice to the true cryptocurrency enthusiasts.
Check out the Stop Elon price chart on Poocoin below. As you can see, in the four-day window between May 15 and May 19, the price of Stop Elon has increased by 3,570%.
Unimaginable, isn’t it?
The Stop Elon coin market cap has now crossed $34 million!
Currently, the Stop Elon value is $0.00006983.
The wheel of fortune keeps turning.
From being hoisted around on your fan club’s shoulders to being kicked to the curb – the situation can change in the blink of an eye.
So, will Stop Elon succeed in its mission?
Will Elon Musk realise that with great power comes great responsibility?
That, dear readers, remains to be seen.
What do you think will happen?
Let us know in the comments below.