Elon Musk Crypto Token: from Dogecoin to X
This article aims to take a deep dive into Elon Musk’s relationship with various crypto like Dogecoin or Shiba Inu, the impacts of his comments and actions, and how they shape the volatile crypto market.
In the ever-evolving sphere of cryptocurrencies, a single tweet from an influential figure can trigger a tidal wave in the market. One such figure who has consistently shaped the crypto market with his unique influence is none other than the billionaire entrepreneur and Tesla CEO Elon Musk.
His tweets and public statements have the power to move crypto markets, and he has been known to pump the prices of certain coins with just a few words. However, Elon Musk crypto relationship extends beyond the occasional market-moving tweet; he is deeply entwined with several cryptocurrencies.
The recent developments with Twitter, now renamed 'X', have significantly impacted the crypto market, particularly DOGE.
Dogecoin (DOGE)
Elon Musk's recent transformation of Twitter into a new, broader service named 'X' has influenced Dogecoin price and market cap. The meme-originated cryptocurrency has now climbed to the seventh position in terms of market capitalization. At the time of writing, Dogecoin has seen a nearly 13.58% rise in the past week.
Dogecoin is a meme coin that was created in 2013 as a joke. However, the coin has since gained a significant following, and its price has fluctuated wildly in recent years.
DOGE was born from the well-loved "doge" Internet meme. It came into existence at a time when alternative cryptocurrencies were popping up rapidly. Dogecoin swiftly garnered a passionate community, largely concentrated on Reddit, but extending beyond. Amid the frenzy of the cryptocurrency boom in January 2018, Dogecoin's market cap rocketed to nearly $2 billion.
Elon Musk has been a vocal supporter of Dogecoin, and his tweets about the coin have often caused its price to spike. On December 20, 2020, Dogecoin witnessed a significant surge after Musk posted a cryptic tweet that simply read, "One word: Doge."
Since then, Elon's tweets have consistently swayed Dogecoin's market performance. For example, on May 11, 2021, he tweeted: "Do you want Tesla to accept Doge?". Another critical remark made during his Saturday Night Live appearance in May 2021 resulted in a significant price drop.
Musk has also been criticized for his involvement with Dogecoin. Crypto community believe that he is using his influence to pump the price of the token.
Shiba Inu (SHIB)
Musk has been known to tweet about SHIB on several occasions, and his tweets have often caused the price of the coin to surge.
Just recently, he tweeted a slightly confusing tweet. He joked that the company rebranded to a Shiba Inu dog for a while, but there was no impact on the company's user base. He clarified that he was referring to the dog breed, not the cryptocurrency asset.
Although Elon Musk's affinity for cryptocurrencies, particularly Dogecoin, is well known, he does not own any Shiba Inu (SHIB) tokens. Musk confirmed this on the social media platform, replying "none" to a query by a SHIB investor regarding the number of SHIB tokens he was holding. This exchange occurred when Shiba Inu was nearing its all-time high in October 2021.
Bitcoin (BTC)
Musk's tweets about Bitcoin historically have led to significant market shifts.
Back in November 2017, Musk dispelled rumors that he was Bitcoin's elusive creator, Satoshi Nakamoto, stating he only owned 0.25 BTC gifted by a friend. Despite recognizing Bitcoin's "brilliant" structure in a 2019 podcast, he highlighted its energy intensity as a concern.
Fast forward to March 2021, Musk announced a dramatic shift when Tesla started accepting Bitcoin as payment option and retaining any received Bitcoin instead of converting it into fiat currency.
Ultimately, by May 2021, Musk reversed this decision, citing concerns over Bitcoin's environmental impact. Following this news, Bitcoin price tumbled.
X
Elon Musk's decision to rebrand Twitter to 'X' has triggered a surge of similarly named tokens on decentralized exchanges (DEX).
This rebranding has inspired a myriad of 'X' tokens to spring up across blockchain networks. Some claim to have comprehensive future plans, while others appear to be pump-and-dump schemes. A standout example is one token that soared by 1,200% in 24 hours, despite its related project shutting down in May.
Source and Copyright © Twitter/Elon Musk
The creation of these tokens seems opportunistic, timed perfectly after Musk's tweets. For instance, 'AI-X', with a logo matching that of Musk’s SpaceX company, saw a ten-fold increase, while 'Deus X', named after another Musk tweet, spiked 2,600%.
Such token frenzy is likely due to the current low volatility periods endured by major currencies such as Bitcoin and Ethereum. Traders seeking higher returns are increasingly drawn to meme coins and low caps. These risky investments can result in substantial short-term returns, making them attractive even in bear markets.
In this article, we explained the recent meme coin season that seems to keep going on as of now.
How much does Elon Musk make a second?
According to Bloomberg's Billionaires Index, Elon Musk is the richest person in the world as of July 2023, surpassing Bernard Arnault, Jeff Bezos and Warren Buffet. Elon has a net worth of $236 billion. This means that every second Musk's bank account is funded by $813.
Conclusion
Elon Musk's influence on the crypto landscape continues to be profound, shaping market trends with strategic moves and powerful tweets. From Dogecoin's wild peaks to the sudden explosion of 'X' tokens, Musk's touch seemingly alters the crypto world's contours at a whim. Yet, the rapid emergence of opportunistic 'X' tokens stands as a stark reminder of the speculation and volatility underpinning this market.
In the unpredictable world of cryptocurrencies, Musk plays the dual role of sheriff and outlaw.
His influence brings excitement, risk, and potential riches, making the crypto landscape an exhilarating and unpredictable terrain.
