Tesla and SpaceX CEO Elon Musk is known to try and manipulate the stock market and cryptocurrency trends, all with a tweet. Sometimes the tweets just have memes. On Wednesday, Musk continued this long-running tradition of posting a meme, to add to what the Internet has now termed, ‘The Musk Effect.’ The meme Musk posted had a few stills from the Harry Potter series. The photo showed a scene from ‘Harry Potter and the Sorcerer’s Stone’. In the scene, Harry is seen before the magical Mirror of Erised in a dark corridor along with Professor Albus Dumbledore. Dumbledore tells Harry, “It shows us nothing more or less than the deepest, most desperate desire of our hearts.”
In the original scene, Harry saw his parents standing in the mirror, however, in Musk’s meme, Harry is seen looking at a steadily increasing bar graph.
The meme appears to be a thinly veiled reference to his favorite cryptocurrency, Dogecoin, which has witnessed a rise and fall since the beginning of this year. The steady increase in the bar graph could be Musk’s ‘deepest desire’ to see Dogecoin’s value increase.
As soon as Musk’s tweet was up, Twitter users started flooding the comments with their own memes.
Keeping in mind Musk’s influence, a user also shared a chart to observe what affect this tweet had on the Bitcoin market.
I’m once again monitoring the #Bitcoin chart to see what effect this tweet has on the market. Using the 5m chart this time
Let’s go! pic.twitter.com/HSS6ht7kY7
— realcryptojo (@realcryptojo) July 6, 2021
It is safe to assume that the Tesla CEO will continue to influence the crypto market, either with his memes or with his tweets. Dogecoin started as a joke. In the initial months of 2021, the joke appeared to have turned on those who didn’t take the meme cryptocurrency seriously. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. The rally has led to occasional surges, the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three- to seven-cent range.