In the past few days, the crypto world was in chaos. Most of the time, when this happens major institutions or a group of people is involved. But what happened in the past few days was an extraordinary one. Why? Because the situation was promoted by a single person. Yes, you heard it right. But the crypto market is not that huge anyway. Or was it? Not too fast. In recent data by Coinmarketcap, the entire crypto has a total market cap of $1,191,082,786,613. So, who could this person be? You’re right. It’s none other than Elon Musk. The richest man on the entire planet with a total net worth of $202 billion. He is the founder, CEO, the lead designer of SpaceX CEO, and the product architect of Tesla, Inc. He is also the founder of The Boring Company, and X.com (now PayPal) Co-founder of Neuralink, OpenAI, and Zip2 Chairman of SolarCity. He has been all over the crypto news and made headlines to every single crypto media outlet in the last few days.
On Feb. 4, Elon Musk simply tweeted the word “Doge” on his Twitter account. It was re-tweeted more than 46,000 times and received 250,000 likes. It was received by an overwhelming response even by major crypto exchanges like Binance, Huobi, OKEx, Kucoin, and other big names in crypto.
Then it was followed by another tweet.
And another which resulted in a series of tweets.
His tweets sent the DOGE (Dogecoin) in a price rally. In a data by Crypto.co, DOGE (Dogecoin) price surged to $0.059 and recorded a 50% increase in terms of the trading volume overnight. It can be recalled that a group of traders on Twitter and Reddit was also responsible for hyping the DOGE (Dogecoin) price rally on Jan. 29 and recorded an all-time high at $0.08 in a data by Crypto.co.
But is that all? On Jan. 29, Elon Musk seemingly added BTC (Bitcoin) on his Twitter bio. It was not definite though whether his tweet pertains to BTC (Bitcoin) or the DOGE (Dogecoin) recent price hike. But on the same day, BTC (Bitcoin) took off to $38,631 with a price increase of 13.9%.
What’s amusing about all these things are, Elon Musk has done it single-handedly. With a single tweet, he can send prices of cryptos to surge or drop. And more, he admitted that his DOGE (Dogecoin) tweets were “meant to be jokes”. But the aftermath was no joke at all. His tweets didn’t sit well with everyone. In a reply to one of his tweets, a Twitter user has strongly criticized him and branded him as a “destroyer of lives”.
But can a person of his status really can’t poke a joke once? Or was he even responsible for the actions taken by his followers in his social media account? In a recent report, he now has 45.6 million Twitter followers. With this huge number of followers, he can already build an entire nation. The number of his followers is a little over the population of Argentina and a little less than Spain.
“You cannot please everybody.” Simple words but counts a lot. Whether you do good or bad, people will always find a reason to criticize you. This goes the same with the case of Elon Musk. A man respected by many especially in his achievements and contributions to society. But undeniably, he is now the most influential person in the entire crypto industry. The one that wields the sword so to speak. But as the famous tagline from Peter Parker a.k.a. Spider-Man, “With great power comes great responsibility”. Let’s all wait and see how Elon Musk will use his acquired power in the crypto world.