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Posted May 06, 2022

Matt Insley

By Matt Insley

Twitter CEO: Elon Musk

The power of an Elon Musk tweet has been witnessed over and over again.

January 2021: Tesla’s CEO tweeted "Gamestonk!!"

gamestonk!!

Following Musk's tweet, which linked to the wallstreetbets" Reddit thread, shares of GameStop were up more than 60% in after-hours trading.

In the same month, the billionaire entrepreneur tweeted to his followers, “Use Signal”.

use signal

Another Twitter user was quick to point out the effects of Musks tweet, showing a steep rise in the price of Signal $SIGL following his advice, which was meant to describe the social app Signal.

signal company

May 2021: Musk tweeted a photo of himself, and the two other Saturday Night Live guests set to appear on the following night's show. Shortly after, the popular meme token surged to it's all-time high of almost 75 cents.

snl dogecoin

The SpaceX Chief Engineer became known as the Dogefather after he was tied to the meme tokens rise in price.

doge market cap 1

doge market cap 2

“Super-charting” platform TradeView shared dogecoins real-time market cap charts to the SpaceX moguls twitter, showing the dramatic surge following the cryptic SNL tweet.

Early June 2021, Elon Musk posted the following tweet:

musk baby shark

“Baby Shark crushes all! More views than humans.”

And just like that,shares of the second largest investor in the creator of Baby Shark, South Korean firm Samsung Publishing, rose by 10% before ultimately settling at a 6% increase.

And so on, and so on… The Elon Effect has more examples than we can fit in a single newsletter.

Most recently, on Tuesday, Musk changed his Twitter profile picture to a collage of the popular Bored Ape Yacht Club collection of NFTs.

musk boredape

Shortly after, the apecoin rose nearly 20%.

boredape chart

Following the NFT series creator’s request for the image to be removed from Musk’s profile, adding “...or you credit me.” Bouhanna went on to say that he’s “Happy to send Musk the original file minted with the buyer approval.”

kinda fungible

Musk went on to tweet “I dunno… seems kinda fungible,” a common phrase from critics of non-fungible tokens. The NFT began to fall shortly thereafter.

From Influencer to Owner

With the amount of influence a single Elon Musk tweet has, what does it mean for crypto when he owns the entire platform, lording over nearly 300 million users?

In April, as news swirled about Musk's impending acquisition of Twitter, the billionaire mogul suggested, in a series of tweets, changes to Twitter Blue, the platform's first subscription-based service. The entrepreneur wants to see an ad-free platform, adding, “Maybe even an option to pay in Doge?”

Shortly after, the $DOGE network saw transactions over $100k hit a 4 month high, leading to speculation of whale activity.

doge whales

The memecoin, itself, rose around 9% after the barrage of tweets.

It is widely assumed that if dogecoin becomes integrated with Twitter Blue, all signs point to a future surge in the tokens popularity.

The Future of Twitter

After the $44 billion acquisition, Tesla’s CEO will reportedly take over the role of CEO at Twitter temporarily.

If that sounds familiar, you’re probably recalling Musk’s 2009 placement as the CEO of Tesla, which was announced 13 years ago as a temporary position, while awaiting a replacement. No such replacement was ever made, and Elon Musk remains the acting Chief Executive Officer.

Many believe that Musk’s new role will be able to push decentralization to the mainstream. The billionaire entrepreneur has not only been outspoken about Web3 technology and decentralization, but plans to open-source the Twitter algorithm code, which could possibly increase the overall trust in cryptocurrency.

Musk has specifically targeted Twitter bots that promote cryptocurrency-related schemes, calling them the platform’s “single most annoying problem”.

cuban musk nakamoto

Along with dogecoin co-creator Billy Markus, Elon Musk recently retweeted in agreement after billionaire investor Mark Cuban suggested a dogecoin payment system that pays users who report a confirmed spam account.

Musk went on to tweet that, if the acquisition of Twitter is successful, "we will defeat the spam bots or die trying!"

At present, the Tesla CEO secured over $7 billion from nearly 20 investors, with the largest investment coming from Larry Ellison, Co-founder of the Oracle corporation, whose support comes in the sum of $1 billion.

Carpe Crypto,

Matt Insley
Editor, Daily Crypto Hunter

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