Elon Musk’s recent Tweets might yield Double-Digit profit for Doge and Bitcoin
Mr. Billionaire who is also Tesla’s head has had some activity on his account which has caused a lot of debate and on top of that unusual volumes of trading observed as well as double-digit returns.
Recently, Tesla’s CEO with over 45.5m followers on Twitter, Elon Musk, has been manipulating the crypto market with his many ideas about them. For instance, he called DOGE “people’s crypto” and help it grow bigger;
In an attempt to measure Mr. CEO’s social media impact on the price of certain assets, Lennart Ante who is a BRL researcher looked into 6 of Musk’s crypto-related activities (2 posts about BTC and 4 for DOGE) posted in the last 2 years. He used two models of cumulative abnormal return (CAR) and cumulative abnormal trading volume (ATV) and found out that Bitcoin and Dogecoin had returns of 18.99% and 17.31%, respectively.
Out of the 6 Twitter activities, 4 seem to have not had a meaningful impact on the market and any kind of increase has been for other reasons, however, the remaining 2 that had significant returns for the coins are adding “#bitcoin” to his bio and the other is his one-word “Tweet”.
While changing the bio to #bitcoin seemed to be a sign of Musk’s support for Bitcoin, the tweet for Dogecoin was certainly a joke as Musk admitted this fact.
Well, it goes without saying that these influencers whether rich or famous or both could have negative effects on certain cryptocurrencies and their returns. They could have short-term impacts and pumps and dumps which might cause sudden changes in the price of certain coins and alter the lives and investments of many.
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