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Crypto Trading, Featured

A Crypto Token Price Pumps 4X, After Elon Musk Tweets!

It’s not new to watch Elon Musk toying with the crypto market. For some time, he had the industry wrapped around his fingers. His tweets are not just mere words, they are powerful enough to impact the crypto market significantly. In the early days of 2021, the CEO of X and Tesla sent the crypto world into a frenzy with just a single tweet about dogecoin. Thereafter, it caused its price to soar by 50%. Since then, the industry has been closely following Musk’s every move, and he recently demonstrated his influence again. Just one tweet from him caused a crypto token price to surge by 4X, leaving everyone in awe of his power. The impact of Musk’s tweets on the crypto market is undeniable, and it’s both fascinating and exciting to watch. 

Is the Elon Musk Effect Back?

The price of a well-known meme coin, based on an internet sensation, surged by over 200% on Tuesday. This was after Elon Musk, the CEO of Tesla and X, posted a photo of his adorable pet dog named Marvin on the social media platform X (previously known as Twitter). Musk shared the picture to celebrate Marvin’s birthday, but it had an unexpected impact on the crypto market, turning the dog into an accidental crypto promoter.

The meme coin Marvin Inu jumps from $0.0000005722 to a peak of $0.0000023868 following Musk’s tweet. However, this is not the first time. Earlier, Musk’s tweet influenced several other crypto tokens. Among those digital assets, Dogecoin was the most notable one. Such action of Musk as a prominent influencer has sent several billionaires down the rabbit hole. 

Dogecoin Investors Files Against Musk

A lawsuit was filed by a group of Dogecoin investors against Musk in June 2022. Thereafter, accusing him of engaging in “clear cryptocurrency market manipulation” by mentioning Dogecoin on Twitter. According to the lawsuit filed by a group of Dogecoin investors in June 2022, they accused Musk of briefly changing Twitter’s bird logo to that of Shiba Inu. Thereafter, resulting in a 30% increase in Shiba Inu prices.

Musk’s legal team has refuted the allegations made by the group of Dogecoin investors. Thereafter, it states that there is nothing illegal about expressing support or sharing amusing images related to a legitimate cryptocurrency with a market cap of nearly $10 billion.

Also Read- Gaza Groups Receive Crypto Funds via Russian Exchanges

Accidental or Influential?

Elon Musk’s tweets continue to impact the crypto market significantly. The recent surge in Marvin Inu’s price by over 400% due to Musk’s celebratory birthday tweet is just one example of how his influential tweets can cause a frenzy in the market. With his love for dogs and his knack for tweeting about them, it’s no surprise that even his pets have become accidental crypto promoters.

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