Top 7 Tweets That Changed The Course Of Crypto World
The value of cryptocurrencies fluctuates wildly. Even the most widely used cryptocurrencies, like Bitcoin and Ether, are subject to highly unpredictable price swings. This is due to the lack of intrinsic value in these assets. Instead, how much consumers are willing to pay for them determines their price action. Therefore, a cryptocurrency’s price might alter depending on the level of buzz, excitement, or fear around it. Tweets with only 280 characters can significantly impact prices, making or breaking investors in a matter of seconds. Although it may be difficult to believe, this has happened more than once in recent years.
Top 7 Tweets That Changed The Course Of the Crypto World For Better And For Worse
President of El Salvador, Nayib Bukele
El Salvador was the first country to recognise Bitcoin as legal tender money in September 2021. Since most countries at the time were still finding out how to regulate this asset class, For the organisation, this was a crucial turning point cryptocurrency movement.
Bitcoin enthusiast President Naybi Bukele shared the information on Twitter. He tweeted a succession of messages, the last of which was, “in 3 minutes we make history.” He began by announcing that El Salvador had bought 200 bitcoins.
— Nayib Bukele (@nayibbukele) June 9, 2021
Following the tweets, Bitcoin’s price briefly rose by 1.49 percent, reaching a day’s high of $52,680. (7th September 2021).
Elon Musk: a surge in bitcoin
Elon Musk, the CEO of Tesla, has had an incredible impact on the cryptocurrency market through his endless tweets. Musk frequently mentions bitcoin and Dogecoin in his tweets, which causes the prices to rise and decrease.
Beginning in 2021, Musk modified his Twitter bio to include the hashtag #bitcoin, which caused BTC to rise by 20%. He tweeted in support of bitcoin in February while also criticizing fiat money.
“Only a fool wouldn’t look elsewhere since fiat currency has a negative real interest, to which they added, “Bitcoin is almost as BS as fiat money. The operative term is “nearly.”
The tweet from February caused the price of bitcoin to hit $55,000.
The Bitcoin “whale,” Michael Saylor
Without mentioning MicroStrategy CEO Michael Saylor, one cannot discuss Elon Musk and his tweets. Like Elon, Saylor has used his tweets to drive up the price of bitcoin. He frequently used the microblogging site to promote bitcoin in general or to highlight MicroStrategy’s latest bitcoin acquisition as the price of bitcoin rose from 11K to 60K in 2021.
#Bitcoin will appeal to those who would build their lives on a sound ethical, technical, & economic foundation.
— Michael Saylor⚡️ (@saylor) August 22, 2022
Additionally, the volume of tweets and investor sentiment for Bitcoin was affected by his tweets. According to studies, on average, his tweets caused the price of Bitcoin to rise by 2.2 percent. Additionally, they increased tweet volume by 4.1 percent and investor sentiment by 0.8 percent. Whatever the outcome, Bitcoin’s price almost always moved in the right direction.
Mark Cuban, a former contestant on “Shark Tank” who is also the owner of the NBA franchise Dallas Maverick, has been a steadfast proponent of blockchain technology in general and the value of smart contracts used in blockchains like Ethereum in particular.
Unexpectedly, Cuban, who had previously supported Ethereum, began to embrace Dogecoin in February 2021. In a tweet on February 4th, he stated: “I would pick to purchase Dogecoin over a lottery ticket if given the choice. But don’t make me pick between it and anything else, please.”
We add an optimistic roll up to Doge Everyone puts up 1 doge for unlimited posts. If anyone contests a post and humans confirm it’s spam, they get the spammer’s Doge. Spammer has to post 100x more Doge If it’s not spam,the contestor loses their Doge. DogeDAO FTW ! 🚀🚀🚀 https://t.co/m6jiDve3AF
— Mark Cuban (@mcuban) May 1, 2022
The price of Dogecoin skyrocketed, increasing by more than 50% in just 12 hours.
Bitcoin fell due to Elon Musk.
Shortly after Elon declared his support for bitcoin, Tesla announced that they had bought $1.5 billion worth of tokens and would accept BTC as payment for its vehicles.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
But in May 2021, things took an unexpected turn when Musk tweeted an image that showed Tesla was stopping BTC payments because of environmental worries about the asset. After that tweet, the price of Bitcoin dropped significantly, hitting an all-time low of $34,000 at the end of May.
With the goal of “putting cryptocurrencies in every wallet,” Crypto.com took some risky actions in November. To raise awareness of their platform and native token Cronos, they heavily leaned on marketing, particularly Twitter (CRO).
Details – https://t.co/qm1YpaTsri
— Crypto.com (@cryptocom) June 30, 2021
Along with announcing the employment of Matt Damon for a commercial, crypto.com also revealed in a tweet that they had acquired the naming rights to the LA Lakers’ home arena, the Staples Sports Arena, and would be renaming it the Crypto.com Arena. The CRO coin experienced a substantial uptick. As a result, reaching a record high of $0.9005. Since that time, it has failed to return to this price range.
Also, read – Top 4 Reasons To Invest In Bitcoin In Crypto Winter
The resignation tweet from Andre Cronje sends several tokens tumbling.
Prolific developer Andre Cronje tweeted earlier in the month (March 2021) that he would be leaving the DeFi space. Dozens of tokens that he helped create started to fall within hours. Yearn Finance’s (YFI) native token decreased by 12%.
“Although I’ve decided to move away from crypto and DeFi, the Fantom team has been honorable throughout my engagement with them.
I believe they are on the right technology path, and I have no doubts that they will continue to succeed.”
— Fantom Foundation (@FantomFDN) March 11, 2022
Similar to that, Solidly, a hybrid Automated Market Maker (AMM), recently launched protocol, had a decline of up to 75% on the day of the tweet. The token for automation platform Keep3r fell by as much as 25%. Additionally, the value of Iron Bank’s native ticket fell by about 50%.