Since Tuesday, April 4, 2023, dogecoin saw its price value soar by over 20 percent, from below $0.08 to more than $0.10 -All thanks to a meme-inspired logo that Twitter switched to, ditching its bluebird. Whether the move is a temporary, or permanent joke, the billionaire’s decision to change the logo to a Shibu Inu dog, saw the value significantly surge in three days.
Who is Elon Musk?
Musk, the founder of SpaceX and Tesla, is the richest man in the world with more than $180 billion in his wealth portfolio. He is renowned for his passion for technology, climate, and innovations.
Amongst other things, Musk prides himself as a business magnate and innovator with over 133 million followers on Twitter, which is arguably the social media platform he prefers, such that he bought it. On this micro-blogging site, he speaks about his life, and his business or gives opinions on a wide variety of topics, including cryptocurrency.
Upshot
Just as it may be for other assets, research by Science Direct has it that individual tweets are impactful, such that they raise the price of Bitcoin by 16.9 %, or reduce it by almost 11.8 %. And even though this reality suggests conflict between investors’ protection and market manipulation, influential people like Musk, have the affluence that determines market performances.
In view of the volatility of cryptos, Musk’s tweets affect the prices and volumes of digital assets. This was evident in the way dogecoin reacted to the meme-inspired logo.
