How Elon Musk’s Twitter Account is So Influential
There are many influencers within the crypto space. Some use their followers for personal gain and some are more reliable. None are bigger and have more impact than that of Elon Musk. It should come as no surprise as Elon Musk's Twitter account has amassed a staggering 81 million followers.
Along with promoting his businesses, such as Tesla, SpaceX, and The Boring Company, Elon Musk Twitter also occasionally comments on the happenings within the crypto community. In April of last year, Elon's Twitter saw many tweets coming from the man himself promoting and posting memes about a meme coin called Doge. This activity from Mr. Musk's Twitter brought much awareness to the coin. Its value went from 5 cents per coin to an incredible 73 cents over the span of only a month.
Elon Musk and Dogecoin
At the time of writing, the top holder has an enormous 22.59% of the entire supply of Dogecoin. This information produces some unanswerable questions. Is the top holder Elon Musk and is he promoting the coin for the love of crypto and memes, or is it to make a financial gain off the back of his followers?
Dogecoin is not the only crypto Elon has talked about on his Twitter. He's also spoken dozens of times about Bitcoin, the mother of all crypto coins. At one point, Musk was accepting crypto as payment for his electric automobile company Tesla, so it makes sense why he would often talk about crypto. Like many other people, he wants more people to buy into it to increase the value per coin.
Musk, McDonald's & the Crypto Community
Elon Musk's Twitter is such a staple within the crypto community that when Elon Tweets something, whatever words he uses in the Tweet get turned into a crypto coin, occasionally amassing up to millions of dollars’ worth in market cap. Until recently, Elon's Twitter was the only account people would create coins based on Tweets. This changed on January 25, 2022, when Elon tweeted at McDonald's, saying: 'I will eat a Happy Meal on TV if @McDonalds accepts Dogecoin.' This provoked McDonald's into replying with 'only if @tesla accepts grimacecoin'.
Grimace coincides with Ronald McDonald within the McDonald's universe. He was first introduced in a TV commercial back in 1972. This crossover of Elon, McDonald's, and the crypto community saw many new tokens created that night called Grimace Coin. Only one survived the night and continued to make a run up to $12 million in market cap over the next four days.
Elon Musk's Twitter is now firmly set in stone to be a staple of the crypto community. It would take a major event to reduce his impact to nothing. Whether it's a good or bad thing that he has this much impact, we can all agree that it is very intriguing to see what will come from his Twitter antics next.
Author: Fin MacGregor
I first found crypto through a YouTube video back in 2018, since then I have delved head first into the space, researching different DeFi Protocols and coins. I love crypto because it opens up the doors of financial freedom to anyone who spends the time to learn.