If anyone has amassed considerable power to move markets with a single tweet, it’s none other than the Elon Musk.
With over 55 million followers, the celebrity CEO ‘literally’ shakes the market every time he posts something about cryptocurrencies on Twitter.
The latest impact of Musk’s tweet was noticed on May 19 when the entire crypto sector lost nearly $1 trillion at one point.
A Musk tweet with barely any word and two emojis helped bitcoin and ether to pare back their losses later in the day on Wednesday.
The electric carmaker co-founder said Tesla has “diamond hands", implying that the auto company would not be parting with its $1.5 billion stake in bitcoin.
Musk’s tweets about dogecoin recently triggered a rally in the digital currency, which started as a social media parody.
Soon after Musk’s tweet, a cryptocurrency called Starbase Token, carrying the STAR ticker, surged around 6000%, reported CryptoPotato. »