The Elon Effect: How Musk’s Tweets Move Crypto Markets

Posted on by American Coins & Gold

The Elon Effect: How Musk’s Tweets Move Crypto Markets
In the early stages of 2021, Elon Musk had the cryptocurrency market wrapped around his finger.A single tweet about dogecoin by the Tesla and SpaceX founder sent prices flying as much as 50%. For a time, Bitcoin price action seemed reliant on the opinion of the world’s richest man.Tuesday offered a bit of deja vu: Musk’s tweet that Tesla would be accepting DOGE for merch sent the memecoin soaring 43%.Musk is far from the only person to move the crypto market for no apparent reason other than their endorsement. A sizable portion of the industry from meme coins to NFTs…