How many do you remember? Meanwhile, Spaces became a popular forum for in-depth conversations about the values that underpin the industry… and they’ve often attracted some pretty big names.
There have also been times when the posts (ahem, tweets) have had a huge and sudden impact on the crypto markets… and not always in a good way. Of course, he now owns X.
Who knew three little words could make such a huge difference? DOGE was on the brink of an incredible bull run that would see its price peak at $0.7376 — and incidentally, the top was reached when Musk called it a “hustle” on Saturday Night Live.
It remains one of the biggest cryptocurrencies by market capitalization to this very day. A surge from $32,000 to beyond $38,000 — almost 20% — happened in a few hours.
Such sudden and substantial increases are pretty rare these days. Just like Bitcoin’s volatility can work both ways, so can Musk’s posts.
It led to a stomach-churning 19% drop in BTC’s value, from $58,000 to $47,000. Musk was arguably DOGE’s biggest booster in 2021.
This post delivered in February of that year another 50% bump — from $0.04 to $0.06 — and garnered a cool 100,000 retweets. How many people do you think saw that and learned about Dogecoin for the first time?
Sometimes, he ended up moving the markets in pretty unpredictable ways. SHIB ended up tripling in value off the back of five little words and a hashtag.
Even now, it remains the 11th-biggest cryptocurrency in the world with a market cap that far exceeds some established companies. DOGE rallied by 43% off the back of this post alone in December 2021, with Musk adding a previously lacking layer of utility by accepting it as a payment method.
All of these tweets came within four weeks of each other — and undoubtedly played an instrumental role in DOGE’s unlikely rally to a market cap that even (temporarily) exceeded some of the world’s oldest banks. Each delivered double-digit gains — with “no highs, no lows, only Doge” doing particularly well and securing a 50% bump.
But as the old saying goes, all good things must come to an end.