TL;DR
- Musk’s Recent Tweet Impact: After Elon Musk posted a birthday picture of his dog, Marvin, the price of the memecoin Marvin Inu soared by over 400%, though it later settled at roughly 100% higher than its yesterday’s value.
- Historical Influence on Cryptos: This isn’t the first time Musk’s tweets have impacted cryptocurrencies. Earlier mentions, such as dressing his pet Floki as CEO of X, led to a 40% surge in Floki Inu, and a “Baby Doge” tweet caused the coin’s price to jump nearly 90%.
- Risks with Memecoins: While memecoins can offer rapid price surges, they also come with significant investment risks.
The Elon Musk Effect
The world’s wealthiest man and owner of X (Twitter) has a serious influence in the cryptocurrency space. The latest example is his most recent post and the subsequent reaction coming from a less-known memecoin.
Specifically, Musk uploaded a picture of his dog posing in front of a cake with candles. “Today is also Marvin’s birthday,” the post reads
Today is also Marvin’s birthday 🎂 pic.twitter.com/HWkb8RNvi8
— Elon Musk (@elonmusk) November 1, 2023
Shortly after his interaction at the social media platform, the price of Marvin Inu spiked by over 400% (per CoinGecko). In the following hours, the MARVIN retraced significantly but is still approximately 100% up compared to yesterday’s valuation.
Not the First Time
Tweets coming from Musk have impacted the prices of numerous cryptocurrencies over the years. For example, Tesla’s CEO dressed his pet, named Floki, as the new Chief utive Officer of X earlier this year, while Floki Inu (FLOKI) spikedby 40% shortly after.
In 2021, he came up with a mysterious post stating, “Baby Doge, doo, doo.” Minutes later, the price of Baby Doge Coinskyrocketedby nearly 90%.
It is worth noting that memecoins might be an interesting niche for investors due to their potential for rapid price surges, but dealing with them carries certain risks. Those willing to learn more about the topic can take a look at our video below:
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