If you have some knowledge about cryptocurrency or stay aware of the latest news, you must be aware of the havoc created in the crypto market in the month of May. You can visit Official Site if you want to learn about the latest cryptocurrencies in the market. Elon Musk is one of the most influential people nowadays, and he has been tweeting again and again about different cryptocurrencies, which has caused massive fluctuations in their prices. His tweets have brought the world’s largest cryptocurrency, bitcoin, to the ground and have sent new crypto, dogecoin, to the sky, which was once worth nothing.
Musk tweeting for dogecoin and bitcoin
Elon Musk is the reason behind one of the biggest crashes in the history of cryptocurrency, but even after that, he is no stopping. Once again, he has posted some tweets about bitcoin and dogecoin, which has caused some fluctuations in the price of this crypto, once again. Initially, dogecoin was nothing more than a joke but some tweets from the side of Tesla’s boss attracted numerous investors towards it, which took its value to the sky. Dogecoin was created as a meme, but Elon Musk supported it, which made the crypto reach its all-time high in the month of April. When dogecoin started, its value was less than one cent, but after the havoc created by Elon Musk, it crossed 10 cents within a month. You will be surprised to know that this meme crypto market cap is a whopping $46.05 billion, and all credit goes to Elon Musk.
After the massive rise in the price of cryptocurrencies in the market, the market crashed after Elon Musk tweeted that his company will no longer accept cryptocurrencies. After triggering the downfall in the crypto world, Tesla’s CEO has again started to tweet about cryptocurrencies such as bitcoin and dogecoin, which has started increasing the price of those currencies. He first tweeted about bitcoins which help the crypto reach its all-time high price, and soon after that, he tweeted that he no longer supports bitcoin, which became the reason for the crash of the same cryptocurrency.
Crypto traders are against Elon Musk.
After the havoc created in the crypto market by Elon Musk, crypto investors are traders quite pissed at him. They are so frustrated and angry that some traders have even launched a new cryptocurrency in the market named; ‘Stop Elon.’ Crypto investors don’t like Elon Musk manipulating the prices of cryptocurrencies. After the series of tweets made by the Tesla boss, everyone is holding him responsible for the fluctuations that occurred in the prices of different cryptocurrencies such as bitcoin, dogecoin, etc. Investors have faced massive losses due to the tweets made by Musk, so they have created a cryptocurrency with the sole purpose of stopping Elon Musk from manipulating the market and changing the prices of cryptocurrency according to his wish. The cryptocurrency created to stop Elon Musk has already built a market cap of over $30 million, and its official website says ‘a community formed to stop the biggest crypto market manipulator,’ i.e., Elon Musk.
Musk has been trying to pump crypto for a long time.
It is irrefutable that Elon Musk has flipped the world of crypto investors with a few of his tweets, but it is not the first time. Musk is known to be a strong supporter of cryptocurrency for a long time, and he has been tweeting about it again and again. But this time, his tweets got viral were taken seriously by a lot of crypto users, which causes the crash in the market. Moreover, even after creating such fluctuation, he is still tweeting about different cryptocurrencies, and his every tweet is leading to quick fluctuations in the price of cryptos. When he was invited to Saturday Night Live, he again spoke about dogecoin and showed his support for the newly established crypto. Soon after the show was telecasted, the price of dogecoin went up like a rocket. It was quite unexpected as no one could ever think that a meme cryptocurrency will grow at such a pace.