DeFi Weekly #12 — Elon’s influence over crypto
It’s not uncommon anymore and not the first time either that macro events and internet personalities have impacted crypto. In fact, as crypto continues to evolve, macroeconomics like equity and credit markets will play a more prominent role than the attention it gets from most people.
Elon Musk has been fiddling with the crypto space since 2014, but it was not till 2019, during the conversation with ARK Invest, that Elon took crypto’s side and got a lot of hype and fans from the crypto community. Since 2020, Elon has been more vocal about crypto and has had an enormous impact; let’s take a walk down the memory lane.
Bitcoin (BTC)
- January 29th: Adds #bitcoin to his Twitter bio and posts a tweet that pushes the price of BTC by 20%.
- February 8th: Tesla announces the purchase of BTC, pushes the price by 18%.
- April 27th: Tesla sells 10% of BTC to test market liquidity. Elon tweets, he has not sold his BTC, the price stays stable.
- May 12th: Musk tweets that Tesla suspends purchase through BTC due to environmental impact. Price drops by 15%.
- May 16th: Further suggests that Tesla may sell the remaining BTC holdings. Price drops by 12%.
- May 24th: Conversation with North American BTC miners to discuss sustainable mining. Price rises by 15%.
- June 4th: Shares a breakup with BTC meme. Price falls by 20%.
- June 13th: Replies Tesla to accept BTC if >50% of energy from mining comes from renewables. Price rises by 15%, breaking a major resistance.
Dogecoin (DOGE)
- July 18th, 2020: Doge against financial institutions meme, price rises by 20%
- April 1st: Doge to the moon meme. Price jumps by 30%.
- April 24th: Doge at SNL announcement tweet, price rises by 15%.
- May 8th: Calls Doge shilling a hustle. Price drops by 28%
- May 10th: Announces SpaceX will launch Doge-1 to the moon. A 10% rise.
- May 11th: Runs a poll if Tesla should accept Doge. Price jumps by 20%.
- May 20th: Doge to 1$ cyberviking meme. Price jumps by 30%.
- May 24th: Opens Doge Github suggestions. A 20% increase in price.
CumRocket (CUMMIES)
June 5th: Posts an explicit emoji and takes CumRocket to the moon. A 400% increase.
Love it or hate it, but you can’t ignore that Elon has power over crypto.
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