The impact that events on Twitter are able to have on crypto markets cannot be overstated, as was demonstrated by a sequence of events on the chaotic social media platform on Monday.
The Elon Effect
Back in October last year, when Elon Musk took over at Twitter, it was understood that he would likely make some significant changes to how the platform operates, and that has indeed been the case.
What users were less prepared for was that when they opened the app on Monday, its familiar blue bird logo would have been replaced with an image of a dog, or, more specifically, replaced with the Dogecoin logo.
While users not familiar with the crypto world were confused, for crypto traders it was a buy signal, the price of Doge immediately spiked, and it remains, at the time of writing, significantly higher than it was leading up to Monday.
Dogecoin to USD chart from CoinMarketCap
The question now is whether or not the switch of logo is indicative of more substantial news to come. Currently, it could be nothing more than an in-joke, relating back to an exchange (itself subsequently screenshotted and tweeted out by Musk) when the now-owner of Twitter joked about doing exactly what he has just executed: buying Twitter and putting up the Doge logo.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Alternatively, there is speculation about the possibility of Musk utilizing crypto in some capacity on the platform, perhaps, for example, to facilitate payments between users, which is a view arguably reinforced (but still highly speculative) by the fact that the Doge logo remains prominent.
Seize the Memes
Remarkably, on the same day that Musk initiated a surge in the price of Dogecoin, he also caused a run on an NFT collection called The Memes by 6529. This collection was already highly regarded within the NFT space, and is overseen by an influential, pseudonymous figure known as Punk6529.
This time, Musk tweeted an image of an NFT from the collection which featured the message “seize the memes of production,” and prices immediately soared on that NFT (of which there are 1,000 editions), while also increasing other NFTs in the same broad collection.
Musk did not actually mention that the image was of an NFT or give any details about the collection, and he subsequently deleted the tweet, suggesting he may not have been aware of the origins of the image. Nonetheless, it was a demonstration of the extent to which NFT markets can…
