Social Media Impact on Crypto: Examining the Influence


Twitter, now doing business as X, has had a huge influence on the crypto market this year. Tweets from influential figures such as Elon Musk and Brian Armstrong have been able to spark rapid changes in investor sentiment and market trends.

Let’s explore some of the most notable tweets from 2023 and their impact on the crypto world.

Musk’s tweet sparked a 3000% rally

On May 11, Musk made a significant impact on the crypto market with a single post – a picture related to the Milady Meme Coin with the caption “There is no meme. I love you.”

The tweet quickly went viral, amassing over 250,000 likes and several thousand retweets. The response in the crypto market was immediate and dramatic, with the price of Milady Meme Coin surging by more than 3000%.

Optimus AI skyrocketed following Musk’s Tweet

On June 21, Elon Musk tweeted about Optimus, stating that it “will come in many forms.” This cryptic message had a profound impact on the cryptocurrency market, particularly on the value of Optimus AI (OPTI). Following Musk’s comment, OPTI experienced a significant surge in its market value, increasing by 38.6%, as reported by CoinGecko. Additionally, OPTI saw a 439.90% increase in its daily trading volume.

Armstrong’s tweets take a dig at the SEC

In June 2023, Coinbase CEO Brian Armstrong made a notable response via Twitter against charges from the U.S. Securities and Exchange Commission (SEC). Armstrong emphasized that Coinbase had undergone SEC scrutiny and was allowed to become a public company in 2021. He also called attention to the conflicting definitions provided by the SEC and the Commodity Futures Trading Commission (CFTC) regarding whether an asset is considered a security or a commodity. Armstrong expressed confidence in representing the industry in court to seek clarity on cryptocurrency regulations and criticized the SEC’s approach of regulating through enforcement.

CZ shocked the world with his resignation

In November, Binance founder Changpeng Zhao, commonly known as “CZ,” announced his resignation as CEO. In his tweet, he shared his plans post-resignation from Binance, the world’s largest cryptocurrency exchange, indicating his focus on passive investing and being a minority token/shareholder in startups. He expressed contentment with his achievements and experiences in leading Binance to its pinnacle in the crypto world. His resignation came after a settlement was reached between Binance and the U.S. Department of Justice (DOJ), involving a $4.3 billion fine.

Larsen hails Ripple’s partial victory 

In July 2023, Chris Larsen’s tweets highlighted the outcome of Ripple’s (XRP) prolonged legal battle with the SEC. Larsen’s post came after a landmark ruling by U.S. District Judge Analisa Torres, which found that Ripple had not violated securities laws when selling XRP to retail investors. This ruling was a major milestone, not just for Ripple but for the entire cryptocurrency sector, as it was perceived as a partial vindication for the company, its digital currency XRP, and potentially for the broader crypto industry.

Bitcoin mined with volcano

In July, Bitcoin Magazine highlighted El Salvador’s innovative approach to Bitcoin mining. The tweet revealed that El Salvador had begun mining Bitcoin using 100% renewable energy derived from its volcanoes. This initiative is a part of the country’s broader strategy to embrace Bitcoin and leverage its geothermal resources for economic development. El Salvador’s move to use volcanic energy for Bitcoin mining is not only an environmentally friendly approach but also a strategic economic decision. The use of volcanic energy for Bitcoin mining is a significant step towards addressing one of the major criticisms of Bitcoin mining — its environmental impact.

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