Social media darling Elon Musk despatched the meme-coin world right into a tailspin with a seemingly innocuous St. Patrick’s Day tweet. The tech magnate, famend for his affection for memes and his affect as “Dogefather”, posted a lighthearted picture that includes three canine adorned in festive inexperienced hats, one among them a Shiba Inu, the mascot of Dogecoin.
Memecoin Followers React To Elon Musk X Publish
This seemingly informal social media exercise sparked a vibrant response from the meme-coin neighborhood. Crypto accounts affiliated with Dogecoin, Floki Inu (FLOKI), and Shiba Inu (SHIB) flooded the replies with enthusiastic messages, some that includes their very own canine mascots.
— Elon Musk (@elonmusk) March 17, 2024
This isn’t the primary time Musk has, deliberately or unintentionally, impacted the meme-coin market. In 2021, a tweet showcasing his newly adopted Shiba Inu pet, named Floki in homage to a personality from Vikings, is believed to have triggered the launch of the Floki Inu coin. Curiously, the identical day witnessed the delivery of Child Doge Coin, additional solidifying Musk’s fame as a meme-coin kingmaker.
Completely happy St. Patricks Day from $SANI pic.twitter.com/rA1tAKSg69
— Lee 🏴☠️ (@Lee_apez) March 17, 2024
Floki is now a ” Huge Boy “.. pic.twitter.com/wSvCcjnvqs
— मैं भारतवासी🇮🇳 (मोदी का परिवार) (@SachienTayal) March 17, 2024
In the meantime, as memecoin fanatics revelled in Musk’s festive tweet, the tech mogul was making important strides on one other technological entrance – Synthetic Intelligence. His not too long ago established firm, xAI, has delivered on its earlier promise by open-sourcing Grok, its AI chatbot.
Whole crypto market cap. Chart: TradingView
This transfer marks a major contribution to the sphere of clear AI improvement. By open-sourcing Grok, xAI has granted public entry to the structure and core functionalities of this mammoth 314 billion parameter language mannequin.
Musk’s Twitter Influence: From Controversy To Monetary Market Affect
The tweets made by Elon Musk have been a subject of significant attention and controversy because of their affect and content material. Musk, a prolific tweeter with an enormous following, has a historical past of posting tweets which have stirred each constructive and detrimental reactions. Over time, Musk has been identified to delete tweets shortly after posting them, with tons of being eliminated inside hours of publication.
Notably, a few of his tweets have led to critical penalties, such because the notorious tweet in 2018 the place he claimed to have secured funding to take Tesla non-public at $420 a share, leading to fees from the Securities and Alternate Fee and a subsequent settlement that imposed restrictions on his Twitter exercise concerning Tesla.
The billionaire’s acquisition of Twitter and subsequent actions because the platform’s proprietor have additionally drawn consideration. Since taking up Twitter, Musk has expressed his dedication to free speech and diversifying voices on the platform.
Nonetheless, regardless of his intentions, his Twitter feed has been criticized for occasionally performing as an echo chamber, the place he interacts primarily with accounts that assist him or put up about him.
This conduct has raised considerations about how Twitter could evolve beneath his management. Furthermore, his tweets have had a direct affect on monetary markets. A number of situations stand out the place his tweets influenced Tesla’s inventory costs considerably.
For instance, Musk’s tweet questioning Hertz International Holdings Inc.’s deal to purchase Teslas for its rental-car fleet led to a 3% drop in Tesla’s inventory the next day. Equally, his tweets about Tesla’s valuation or manufacturing predictions have brought on fluctuations within the firm’s inventory costs.
Featured picture from Pexels, chart from TradingView
