Social media darling Elon Musk despatched the meme coin world into chaos with a seemingly innocuous tweet on St. Patrick’s Day. The tech mogul, identified for his love of memes and affect because the “Father of Canines,” posted a light-hearted picture of three canine carrying festive cuckolds, certainly one of which is the auspicious signal of Dogecoin Shiba Inu.
Memecoin followers react to Elon Musk X’s publish
This seemingly random social media exercise sparked an enthusiastic response from the meme coin group. Cryptocurrency accounts associated to Dogecoin, Floki (FLOKI) and Shiba Inu (SHIB) have been flooded with enthusiastic responses, some with their very own canine mascots.
— Elon Musk (@elonmusk) March 17, 2024
This isn’t the primary time Musk has deliberately or unintentionally influenced the meme coin market. In 2021, a tweet displaying his newly adopted Shiba Inu, named Floki in homage to a Vikings character, is believed to have triggered the launch of the Floki Inu coin. Apparently, the identical day noticed the beginning of Child Doge Coin, additional cementing Musk’s repute because the king of meme cash.
Glad St. Patrick’s Day $SANI pic.twitter.com/rA1tAKSg69
— Lee 🏴☠️ (@Lee_apez) March 17, 2024
Floki is now a “large boy”… pic.twitter.com/wSvCcjnvqs
— I’m Indian 🇮🇳 (Modi’s household) (@SachienTayal) March 17, 2024
In the meantime, whereas meme coin lovers reveled in Musk’s vacation tweets, the tech mogul was making vital progress on one other technological entrance: synthetic intelligence. His lately based firm, xAI, has delivered on its earlier promise by open-sourcing its synthetic intelligence chatbot, Grok.
Whole crypto market cap. Chart: TradingView
This transfer marks a big contribution to the event of clear synthetic intelligence. Via open supply Grok, xAI gives public entry to the structure and core performance of this large 314 billion parameter language mannequin.
Musk’s Twitter affect: From controversy to monetary market affect
Tweets posted by Elon Musk have attracted consideration and controversy as a result of their influence and content material. Musk is a prolific Twitter consumer with a big following, and his tweets have elicited each optimistic and detrimental reactions. Over time, Musk has been identified to delete tweets shortly after posting them, with lots of of tweets deleted inside hours of being posted..
Notably, a few of his tweets have led to critical penalties, such because the notorious 2018 tweet during which he claimed to have secured funding to take Tesla non-public at $420 per share, resulting in SEC costs and subsequent Reached settlement to restrict his Tesla-related Twitter exercise.
The billionaire’s acquisition of Twitter and subsequent actions because the platform’s proprietor additionally attracted consideration. Since taking up Twitter, Musk has expressed a dedication to free speech and variety of voices on the platform.
Nevertheless, regardless of his intentions, his Twitter feed has been criticized for sometimes appearing as an echo chamber, with him interacting primarily with accounts that help him or publish about him.
This habits raises issues about how Twitter will evolve underneath his management. Moreover, his tweets had a direct influence on monetary markets. His tweets have had a big influence on Tesla’s inventory worth, with just a few examples standing out.
For instance, Musk questioned Hertz World Holdings’ buy of Teslas for its rental fleet on Twitter, inflicting Tesla’s inventory worth to fall 3% the following day.. Likewise, his tweets about Tesla’s valuation or manufacturing forecasts have induced strikes within the firm’s inventory worth.
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