In 2021, Elon Musk published several tweets that led to strong fluctuations in the crypto markets, in particular Bitcoin and Bitcoin. Dogecoin. His tweets sent shockwaves through the cryptocurrency community and played a role in the dramatic drop in the value of the cryptocurrency. Bitcoin in May 2021 after he pointed out its environmental impact. In the same order, its support for Dogecoin has led to its price increase.
One might wonder whether all these interventions constitute market manipulation. Musk has already been sanctioned in well-regulated equity markets. Due to tweets deemed misleading to investors on Tesla shareshe was ordered to pay $20 million in 2018 by the Securities and Exchange Commission (SEC) in the USA.
Memecoins and shitcoins still targets
If Bitcoin and Dogecoin no longer really react to Elon Musk’s tweets, new memecoins and Shitcoins can fluctuate wildly after his tweets.
More recently, when the world’s richest man tweeted that he was going to acquire Premier League team Manchester United, the price of a cryptocurrency bearing the name Manchester United Fan Token (MUFC) rose by nearly 3000%. Musk then added that he was joking!
Yet the cryptocurrency in question has nothing to do with the football team. Manchester United has officially joined forces with Tezos to get started with Web3 technology, but has not yet launched any Fan Token like PSG did.
We can thus see that Elon Musk can send any shitcoin to the moon by tweeting about it or about a phenomenon attached to the token.
Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.