Elon Musk is still a huge influence on the digital currency market with his social media accounts.
The CEO of Tesla and SpaceX is back to his old methods of tweeting about cryptocurrency to his fan base. On this occasion, just posting a picture of his new pet Shiba Inu with the caption “Floki has arrived. ” While this tweet may not seem out of the ordinary for many individuals, it sent the electronic asset world into a frenzy.
The reason behind this is that it shows up that Musk was showing his support for the cryptocurrency Shiba Floki (FLOKI), which saw prices skyrocket right after Musk’s tweet.
After the publish went viral, the price of Shiba Floki surged, making it the biggest gainer of the day, rising almost 1, 000% at the time of writing. Additionally , other dog-themed coins saw a significant jump in cost, including Floki Inu plus Floki Shiba. The former increased 60% since yesterday, while the latter is up around 25%. Amid the buying spree, Dogecoin gained less than 0. 5% while Baby Doge rose around 2%.
Musk continues to influence crypto costs
Despite not being too involved in the cryptocurrency world, Musk has a massive influence on the crypto community. His social media marketing posts alone have earlier sent prices skyrocketing at times and crashing at others. In August, Musk delivered the price of DOGE up around 20% by simply changing their profile picture to one that included a reference to dogecoin.
The issue of Musk and his social media is so prevalent that even Secretary of Labor, Robert Reich, has known as Musk out on his actions on Twitter. According to Reich, “Elon Musk’ s tricks on Twitter aren’ t funny. His tweets are having a serious impact on markets. It’ s just another example of how billionaires get away manipulating markets without accountability. ”
Reich is referring specifically to Musk pumping up Dogecoin in the lead-up to his Saturday Night Live appearance, only to see it crash throughout the broadcast. Additionally , Musk driven support for CUMMIES, the particular native coin for adult NFT platform CumRocket.
Right after DOGE crashed in the wake of Musk’s SNL look, many blamed Musk intended for pumping and dumping. In answer, Musk clarified that “I might pump, but Dont really dump. ”
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