Cameron Murphy
May 05, 2022 09:58
Elon Musk's Twitter profile picture was momentarily altered to a Bored Ape Yacht Club image on Wednesday, sending APECoin (APE) into a frenzy.
Musk's influence may be seen in Dogecoin (DOGE), Shiba Inu Coin (SHIB), and even Bitcoin (BTC).
The impact of Elon Musk calls into question the decentralized concept.
Elon Musk, the wealthiest man in the planet, is no stranger to cryptocurrencies. The Tesla (TSLA) CEO demonstrated his dominance over the crypto industry in January 2021 by simply altering his Twitter account description to #bitcoin.
Bitcoin (BTC) reacted positively on January 29, soaring from a day low of $31,996 to a day high of $38,632 before easing down.
In February of last year, Musk brought further BTC price movement by announcing that Tesla had purchased $1.5 billion in BTC. BTC reacted to the news, once again demonstrating Musk's impact.
Since then, Musk has continued to exert control over the cryptocurrency market, with DOGE, SHIB, and now APE all subject to Musk's Twitter account's whims.
Musk Causes of a Twitter Account APECoin Frenzy is a game where you may earn APECoins by
Elon Musk exercised his crypto muscles through his very popular Twitter account on Wednesday. APECoin soared from $14.51 to a day high of $17.64 after only updating his Twitter profile photo to a Bored Ape Yacht Club NFT graphic. Within 45 minutes, APE investors saw a 21 percent breakout.
Elon Musk has enchanted a rising number of cryptos, including APE. Elon Musk has a lengthy history of influencing Dogecoin (DOGE) and Shiba Inu Coin (SHIB).
Musk's effect on DOGE and SHIB has been undeniable during the previous 12 months. DOGE investors saw more volatility last month as the global financial markets reacted to Musk's takeover of Twitter.
Two spikes were indications of the Musk Spell on April 5 and April 25. The breakthrough on April 5 was triggered by reports that Musk had purchased a $3 billion stake in Twitter.
The breakthrough on April 25 occurred in reaction to fresh speculation of Musk purchasing Twitter, temporarily propelling DOGE into the top ten cryptocurrencies by market valuation.
Since Tesla's $1.5 billion BTC acquisition, concerns have been raised about one person's impact on the crypto market.
Despite the SEC's position on cryptos, there has yet to be any regulatory investigation of Musk's impact.
The impact of Musk on the crypto market raises concerns about the decentralized concept. The influence of a Musk Tweet on APE, BTC, DOGE, and even SHIB decentralizes the notion.
While long-term crypto investors may value Musk's influence, short-term investors in APE, DOGE, and SHIB face a perilous road, with Musk able to cause a price increase with a single tweet.
May 05, 2022 10:01