9 Elon Musk tweets that moved the crypto markets

Elon Musk’s crypto-related posts have generated double-digit gains for Bitcoin, Dogecoin, and SHIBA INU multiple times. How many do you remember?

X (still referred to as Twitter by almost everyone) has long established itself as one of the most important social networks for the crypto community.

In addition to giving early adopters the opportunity to interact with each other, it has also allowed Bitcoin and Ether to enter mainstream consciousness.

Barely a day goes by without a crypto term trending on the platform, and at the time of this writing, unsurprisingly, there is a lot of buzz around #HAMSTERKOMBAT.

Meanwhile, Spaces has become a popular forum for in-depth conversations about the values ​​that underpin the industry… and often attract some pretty big names.

There have also been times when posts (ahem, tweets) have had a large and immediate impact on crypto markets… and not always in a good way.

You won’t be surprised to hear that most of this comes from one man, Elon Musk, who until a few years ago was enthusiastically posting about digital assets. Of course he owns X now.

Bitomat recently published a study looking at the tweets with the most impact, and it’s a pretty good history lesson about the wild ride cryptocurrencies have been on so far.

Who knew three little words could make such a big difference?

Dogecoin, a relatively niche memecoin at the time, doubled to $0.004 in the days following this post in December 2020.

DOGE was on the verge of an incredible bull run that would see the price peak at $0.7376, and coincidentally, the peak was reached with Musk calling it a “run” on Saturday Night Live.

At the time of this writing, someone with exposure to this altcoin could make $184 for every $1 invested.

To date, it remains one of the largest cryptocurrencies in terms of market cap.

Screenshot: X

Okay, so it’s not a tweet we acknowledge – but it happened on Twitter, so that’s saying something.

Musk quietly added #bitcoin to his bio in January 2021, making a huge impact on the value of the world’s largest cryptocurrency after it was noticed by Bitcoin enthusiasts.

There was an increase from $32,000 to over $38,000 (almost 20%) in a few hours. Such sudden and significant increases are extremely rare today.

Just like Bitcoin’s volatility can work both ways, Musk’s posts can work the same way.

The billionaire spooked markets when he announced that Tesla would no longer accept Bitcoin due to concerns about energy use and carbon emissions.

This caused the value of BTC to drop by a sickening 19% from $58,000 to $47,000.

Musk was probably the biggest supporter of DOGE in 2021.

This post generated another 50% increase from $0.04 to $0.06 in February of the same year and garnered 100,000 retweets.

How many people do you think saw this and learned about Dogecoin for the first time?

Sometimes it moved markets in quite unpredictable ways.

The success of Dogecoin sparked a flurry of creating several smaller mecoins, one of which was the Shiba Inu, the breed of Kabosu, the original Doge.

SHIB tripled in value thanks to five little words and a hashtag. Even now, it remains the 11th largest cryptocurrency in the world, with a market cap well beyond some established companies.

Tesla will make some products available for purchase with Doge and see how it goes

— Elon Musk (@elonmusk) December 14, 2021

DOGE surged 43% following this post in December 2021 alone, and Musk added a layer of benefit that was previously missing by accepting it as a payment method.

There was a similar effect and a 78% increase when Mark Cuban acknowledged lower transaction fees in a tweet two months later.

I bought little X some Dogecoin so he can be a toddler hodler

— Elon Musk (@elonmusk) February 10, 2021

These tweets all came within four weeks of each other and undoubtedly played an instrumental role in DOGE reaching a market cap that (temporarily) exceeded even some of the world’s oldest banks.

Each delivered double-digit gains; “no highs, no lows, just Doge” performs particularly well, delivering a 50% increase.

But like the old saying, all good things must come to an end. DOGE is currently trading 82% below its all-time high set in May 2021 and has failed to ignite during the current bull run.

And in a sign that his posts would have lasting consequences, a group of investors later sued him for a jaw-dropping $258 billion, accusing him of using his “pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme.”

His lawyers continue to fight to have the case dismissed.