![]() ![]() Shares of DogeCoin along with additional push from Reddit recorded a never-seen-before jump. The cryptocurrency was trading at $37,800 as of 0936 GMT.Īlso Read: Elon Musk’s Twitter Bio Update Sends Bitcoin and Memes Flying, Twitter Calls it ‘Musk Effect’Įlon Musk has tweeted a digital magazine cover featuring a dog in apparent support of a digital currency Dogecoin. Musk simply wrote “#bitcoin" in his biography on the microblogging site. Shares of Texas-based company surged as much as 885% on that day before paring the gains.Īlso Read: ‘Use Signal’: How Elon Musk’s Tweet Confused Investors to Pour Their Money into Wrong Companyīitcoin jumped as much as 14% on Friday to a two-week high after Tesla Inc chief Elon Musk tagged the cryptocurrency in his Twitter biography. This represents an astounding increase of over 45,000. That was enough to push Signal Advance’s rally more than 5,100% in three trading days giving it a market valuation of $390 million.ĭespite reports about the confusion on Friday, the stock has continued to rally. As of the time of writing, the project is trading at approximately 0.0545 with a market capitalization exceeding 1.9 million. According to Bloomberg, by the end of the day, Signal Advance Inc. However, there may have been mixed signals along the way, as investors, however, mistook it for the stock share of a company called ‘Signal Advance Inc.’ and invested in it. Musk’s support for the messaging app ‘Signal’ led to users migrating there by such large numbers that the app temporarily crashed. Here’s looking at how some of his investments have led to a surge in multiple occasions. It’s what the Internet had now coined ‘The Musk Effect.’ Musk, who puts out tweets about space, science, cat gifs, anime girls and often what you should support, holds a strange leeway with everyone: A single tweet can lead to a never-seen-before surge in prices of holdings and stocks. ![]() Immediately afterwards, shares in GameStop rose 157 percent in extended-hours trading, which some linked with Musks tweet. Musk, who often puts out bizarre things from his Twitter profile, has voluntarily or involuntarily managed to influence several products and companies. Elon Musk has used both Meme Man and the 'stonks' meme as a reaction on Twitter, 3 16 and on January 26, 2021, he tweeted the word 'Gamestonk' 17 with an attached link to r/wallstreetbets. Tesla CEO and SpaceX Boss, and currently world’s richest man, Elon Musk has always been a universal guide and guru on the Internet. How much can the world’s richest man affect the workings of the world? Quite a bit, actually. ![]()
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