Elon Musk, a beloved figure on social media, caused a stir in the meme-coin community with a seemingly innocent tweet on St. Patrick’s Day. Known for his fondness for memes and his influential persona as the “Dogefather,” the tech mogul shared a playful image featuring three dogs wearing festive green hats, one of them being a Shiba Inu, the iconic mascot of Dogecoin.
Elon Musk’s Post Sparks Reactions Among Memecoin Enthusiasts
The seemingly casual engagement on social media ignited a lively reaction from the meme-coin community. Accounts associated with cryptocurrencies like Dogecoin, Floki Inu (FLOKI), and Shiba Inu (SHIB) inundated the replies section with enthusiastic messages, many showcasing their respective canine mascots.
— Elon Musk (@elonmusk) March 17, 2024
Musk’s influence on the meme-coin market, whether intentional or not, is not a new phenomenon. In 2021, a tweet revealing his newly adopted Shiba Inu puppy, Floki, named after a character from Vikings, is widely believed to have catalyzed the creation of the Floki Inu coin. Intriguingly, on the same day, Baby Doge Coin was also introduced, further cementing Musk’s reputation as a kingmaker in the realm of meme-coins.
Happy St. Patricks Day from $SANI pic.twitter.com/rA1tAKSg69
— Lee 🏴☠️ (@Lee_apez) March 17, 2024
Floki is now a " Big Boy ".. pic.twitter.com/wSvCcjnvqs
— मैं भारतवासी🇮🇳 (मोदी का परिवार) (@SachienTayal) March 17, 2024
While meme-coin enthusiasts celebrated Musk’s playful tweet, the tech magnate was also achieving notable progress in another technological arena: Artificial Intelligence. Musk’s newly established company, xAI, has fulfilled its earlier commitment by open-sourcing Grok, its AI chatbot.
While meme-coin enthusiasts celebrated Musk’s playful tweet, the tech magnate was also achieving notable progress in another technological arena: Artificial Intelligence. Musk’s newly established company, xAI, has fulfilled its earlier commitment by open-sourcing Grok, its AI chatbot.
The Evolution of Musk’s Twitter: From Controversy to Financial Market Influence
Elon Musk’s Twitter activity has consistently been a subject of intense scrutiny and debate, owing to its profound impact and often controversial content. As one of the most prolific tweeters with a colossal following, Musk has a track record of sharing tweets that elicit both positive and negative responses. Throughout the years, he has developed a pattern of deleting tweets shortly after posting them, with hundreds vanishing within hours of being published.
Some of Musk’s tweets have had far-reaching consequences, with one particularly notorious instance occurring in 2018. Musk famously claimed on Twitter that he had secured funding to privatize Tesla at $420 a share. This tweet prompted an investigation by the Securities and Exchange Commission (SEC) and ultimately led to a settlement that imposed restrictions on Musk’s Twitter activity regarding Tesla.
Musk’s acquisition of Twitter and subsequent actions as the platform’s owner have garnered significant attention as well. Since assuming control of Twitter, Musk has expressed a commitment to upholding free speech principles and fostering diverse voices on the platform. However, despite his professed intentions, his Twitter feed has been criticized for often functioning as an echo chamber, where he primarily engages with accounts that either support him or discuss him.
This behavior has raised concerns about the direction Twitter may take under Musk’s leadership. Furthermore, Musk’s tweets have had a palpable impact on financial markets, particularly concerning Tesla’s stock prices. Numerous instances stand out where his tweets have influenced Tesla’s stock prices significantly.
For instance, Musk’s tweet questioning Hertz Global Holdings Inc.’s deal to purchase Teslas for its rental-car fleet resulted in a 3% decline in Tesla’s stock the following day. Similarly, his tweets regarding Tesla’s valuation or production forecasts have precipitated fluctuations in the company’s stock prices.
