Tesla CEO and SpaceX boss Elon Musk appear to have a side-job - hustling for cryptocurrency prices on Twitter. The billionaire who has consistently rallied support for bitcoin and the meme currency dogecoin, late on Thursday night, put out a tweet yet again on the meme-based cryptocurrency. This is not the first time Musk has done this, or even the second, or third time. Every time Musk mentions the cryptocurrency, a surge (often following an eventual downfall) occurs in the prices of the cryptocurrency. Internet sleuths have more than just co-related the phenomenon, they’ve even christened it: “The Musk Effect."
Crypto enthusiasts, however, have stopped enjoying Musk’s tweets since he announced that Tesla will no longer be accepting Bitcoin as a payment method. Over the weeks, the response to Musk’s tweets has become increasingly negative - with people blaming him solely for the rise or dip in prices, saying it cost them a loss and he’s ‘manipulating’ markets. Some took this a step further - by making a cryptocurrency solely dedicated to stopping Musk: $StopElon.
The currency created on the blockchain Binance Smart Chain, is currently trading at $0.0000602143 with a market capitalisation of nearly $30 million, according to Poocoin. The official website for the token reads, “a community created to take over Tesla and stop the biggest market manipulator of them all."
It further explains why Musk’s behaviour is fault: “Elon Musk is infamous for irresponsibly manipulating the cryptocurrency market with his Twitter account. Just recently, he did it again, causing a massive crash across all frontiers when he tweeted that Tesla will cease to accept Bitcoin as payment. Anyone with even a shred of critical thinking sees through his lies. He has been trying to pump crypto for ages, tweeting about it to no end, and even going to Saturday Night Live as a final resort to get Dogecoin up! It’s ridiculous!
He’s toying with people’s portfolio like candy, like the narcissistic billionaire he is and always will be. We say ENOUGH. Hence, we created $STOPELON. Where we get rich, without anyone controlling our fate except ourselves. All you have to do is BUY and HODL."
The new cryptocurrency is perhaps the perfect example of how furious the cryptocurrency community at large, and Musk’s own fans have become with Musk over the power he appears to wield over crypto markets, as well as his ever-changing stance on the technology.
Bitcoin, ethereum, and other cryptocurrencies experienced a major crash on Wednesday: The 10 most valuable cryptocurrencies by market cap dropped by double digits. The world’s largest cryptocurrency has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Now traders are bracing for more pain as the token breaches a key technical level. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.
Musk’s move comes after Tesla disclosed in February that it had purchased $1.5 billion in Bitcoin and planned to accept it as payment. That announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and investment, especially coming from a large member of the S&P 500 with a high-profile CEO who commands a big following among retail investors and the general public. Tesla’s website earlier also had a support page dedicated to Bitcoin, noted that Bitcoin was the only cryptocurrency that Tesla accepts in the continental U.S.
The tweet cause a slide in the value of the cryptocurrency, as much as 15% in Asian trading, sliding below $50,000, before paring some of the drop. It was down about 8% to $50,190.
Elon Musk, Tesla CEO, SpaceX boss and Dogecoin advocate, in a recent interview mentioned, that this cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple," he said.
He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency." In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise."