{"id":607,"date":"2022-12-01T15:59:07","date_gmt":"2022-12-01T15:59:07","guid":{"rendered":"http:\/\/78.47.81.216\/?p=607"},"modified":"2023-02-28T14:41:52","modified_gmt":"2023-02-28T14:41:52","slug":"case-study-how-did-elon-musk-become-one-of-the-biggest-crypto-influencers","status":"publish","type":"post","link":"https:\/\/blog.ag.qubiq.cc\/?p=607","title":{"rendered":"Case Study: How did Elon Musk become one of the biggest crypto influencers?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Elon Musk, who is running Tesla, SpaceX, and Twitter from recently, is often stirring up the crypto industry with his witty tweets. There\u2019s even a proverb: \u201cWhen Musk speaks, Bitcoin investors listen\u201d.<\/p>\n\n\n\n

But how did he become so influential in the world of crypto? Let’s find it out.<\/p>\n\n\n\n

Musk and crypto: history of relationship<\/strong><\/p>\n\n\n\n

The billionaire\u2019s attitude towards cryptocurrencies has been changing for years. First he liked them, then he turned more sceptical, claiming they were bad for the environment. But one thing is clear: Musk considers crypto\u2019s cornerstone technology, blockchain, very important and even looks to deploy it in his businesses.<\/p>\n\n\n\n

Musk is known for sharing his ideas via Twitter \u2014 a place where crypto and NFT adepts mostly dwell. Did he buy the platform to be closer to the community, is another conspiracy question.<\/p>\n\n\n\n

He first tweeted about Bitcoin in 2014, mentioning it\u2019s \u201cprobably a good thing\u201d. There were even rumors stating that Musk could be Satoshi Nakamoto, but Elon tweeted: “Not true. A friend sent me part of a BTC a few years ago, but I don’t know where it is.”<\/p>\n\n\n\n

It\u2019s not known for sure how much Musk holds in crypto, but the billionaire himself mentioned that he owns a small amount of BTC, ETH and DOGE.<\/p>\n\n\n\n

The Musk effect<\/strong><\/p>\n\n\n\n

The crypto market<\/a> seems to react to each tweet Musk posts about crypto. According to a report by CoinSwitch Kuber, posts by Elon are usually followed by a surge in trade volumes.<\/p>\n\n\n\n

This is what often happens to the most famous meme coin DOGE, which enjoys a special love by Musk. For example, this short 3-word tweet once made DOGE\u2019s price skyrocket:<\/p>\n\n\n\n

\u201cOne word: Doge\u201d (https:\/\/twitter.com\/elonmusk\/status\/1340590280848908288?s=20&t=h8t_izH3yrueZrBgIMJX4A<\/a>)<\/p>\n\n\n\n

Yes, soon after the tweet, the average trading volume of the coin jumped from $1,942 per minute to around $299,330 per minute. Some other market-rocking tweets included ideas of Tesla and McDonald\u2019s accepting DOGE as payments, and of sending DOGE literally to the moon.<\/p>\n\n\n\n

Interestingly, Musk never tweets with crypto price predictions or analytics. He just shares his vibe, and it makes traders go and buy coins in a frenzy.<\/p>\n\n\n\n

Why do his tweets matter?<\/strong><\/p>\n\n\n\n

With nearly 120M followers on Twitter, Elon is a highly active media persona who likes to keep up with trends, including crypto trends<\/a>. All we tend to listen to popular guys, taking their advice.<\/p>\n\n\n\n

What adds him credibility in this industry is, probably, his great tech expertise and billions of dollars in the bank. People think of Musk as a person who knows a lot about technology and lucrative investments. Cryptocurrencies involve both of these aspects.<\/p>\n\n\n\n

In terms of real crypto analytics, usually provided by key experts like Binance\u2019s CZ or Vitalik Buterin, Musk\u2019s tweets contain literally no value but just his personal thoughts about certain coins. So, what makes people follow his ideas is just a phenomenon, possibly a cult of personality.<\/p>\n\n\n\n

Crypto trends and Musk<\/strong><\/p>\n\n\n\n

The crypto community<\/a> within Twitter produces tons of memes and trends involving Elon. Many projects, as well, are trying to hype on Musk\u2019s persona for their promo campaigns.<\/p>\n\n\n\n

And he seems to be very pleased with all this.<\/p>\n\n\n\n

One of the latest Twitter trends is called #ElonGoat and based around a weird news. The creators of Elon Goat Token (EGT) made a bizarre statue of Musk with a body of a goat, and delivered it right to Tesla headquarters. Elon himself has not commented on this story yet, however, EGT\u2019s price felt a significant rise after the incident became publicly known.<\/p>\n\n\n\n

Instead of conclusion<\/strong><\/p>\n\n\n\n

Though Elon Musk is not famous for his large crypto-related investments or projects, his words do matter for the crypto community<\/a> for some personal reasons. And there\u2019s nothing bad in this until the day when the Twitter, Tesla and SpaceX owner decides to crash the market. Hopefully, not.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk, who is running Tesla, SpaceX, and Twitter from recently, is often stirring up the crypto industry with his witty tweets. There\u2019s even a proverb: \u201cWhen Musk speaks, Bitcoin investors listen\u201d. But how did he become so influential in the world of crypto? Let’s find it out. Musk and crypto: history of relationship The […]<\/p>\n","protected":false},"author":7,"featured_media":608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[40,64],"authors":[37],"class_list":["post-607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-alphaguilty","tag-case-study","authors-alphaguilty"],"acf":{"reading_time":""},"author-name":"AG Content Manager","suggested-articles":[{"ID":869,"post_author":"7","post_date":"2023-01-25 16:33:16","post_date_gmt":"2023-01-25 16:33:16","post_content":"\n

\"\"<\/figure>\n\n\n\n

Since the beginning of 2022, cryptocurrencies have suffered a brutal comedown, losing $2 trillion in value after a massive rally in 2021. <\/p>\n\n\n\n

The global cryptocurrency market capitalization today is $1.06 trillion, almost a -40% change one year ago. Overall crypto trading volumes fell from nearly $500 billion in May 2021 to almost $200 billion in December 2022.<\/p>\n\n\n\n

The two most popular cryptocurrencies are also struggling: Bitcoin plummeted by 70% from its highest peak of $64,000 in 2021, while Ethereum lost two thirds of its value since its all-time-high of nearly $3500.<\/p>\n\n\n\n

Why is this bear market<\/a> different?<\/strong><\/p>\n\n\n\n

The crypto and DeFi<\/a> market with multiple firms, exchanges, dApps, trading platforms and other business has become as interconnected as ever. That\u2019s why, in 2022 we witnessed a series of interrelated events, when one crisis affected the rest of the market.<\/p>\n\n\n\n

One of the most bright examples is FTX: its bankruptcy dragged down crypto prices and operations of many crypto and NFT firms that had connections with this exchange, once second largest in the world. Among the exposed companies \u2014 BlockFi, Gemini, Kraken, Crypto.com and even Binance, which suffered reputational and financial losses.<\/p>\n\n\n\n

Also, this bear market<\/a> is notable for the destabilization of\u2026 stablecoins. The 2022 year was a collapse for TerraUSD (UST), an algorithmic stablecoin which was supposed to be pegged one-to-one with the US dollar, but lost its peg, bringing down its sister token LUNA. This sent shockwaves through the stablecoin industry, and made investors doubt whether other fiat-pegged coins could collapse too.\u00a0<\/p>\n\n\n\n

How was it during the previous crypto winter?<\/strong><\/p>\n\n\n\n

The last prolonged bear market<\/a> occurred between 2017 and 2018, when Bitcoin and other cryptocurrencies slumped sharply after a steep climb. In the end of 2017, the dominant cryptocurrency reached its first all-time-high (nearly $20,000), but lost most of its value during the next several months.<\/p>\n\n\n\n

The crypto market then was awash with initial coin offerings (ICO), a type of crowdfunding that wears a negative label to this day. Investors poured money into multiple crypto ventures that were literally everywhere, but the vast majority of those projects ended up failing.<\/p>\n\n\n\n

Most experts agree that the 2017-2018 crash happened largely due to the overhype around crypto. At that time, few people realized the importance of checking projects or at least reading their whitepaper, if there were any, becoming an easy prey for scammers. Luckily, the situation is completely different today.<\/p>\n\n\n\n

Can this crypto winter be the last?<\/strong><\/p>\n\n\n\n

The crypto market of 2022-2023 is much more rapid and flexible than a few years ago. And has more investors\u2019 trust as well. While major cryptocurrencies are having hard times, smaller coins like XRP, Polkadot and BNB are on the rise. We also have the NFTs, which are gaining more and more attention from big companies like Nike, Adidas and Starbucks, and can serve as a good tool to diversify your portfolio.<\/p>\n\n\n\n

It\u2019s not that bad with Bitcoin, too: in the beginning of 2023, BTC\u2019s price has crossed the psychological mark of $20,000 and is slowly growing to $23,000. Hopefully, this crypto winter will be not as cold as the previous one, and traders will use this experience to develop some useful strategies for the next bear markets.<\/p>\n","post_title":"Case Study: Is Bear Market Of 2022 The Worst We've Seen So Far?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"case-study-is-bear-market-of-2022-the-worst-weve-seen-so-far","to_ping":"","pinged":"","post_modified":"2023-02-28 13:58:18","post_modified_gmt":"2023-02-28 13:58:18","post_content_filtered":"","post_parent":0,"guid":"http:\/\/78.47.81.216\/?p=869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":801,"post_author":"7","post_date":"2023-01-11 17:26:27","post_date_gmt":"2023-01-11 17:26:27","post_content":"\n

\"\"<\/figure>\n\n\n\n

If you're just starting out in an NFT <\/strong>field, just getting to know the NFT space,<\/strong> you've probably heard of the term floor price<\/strong> at least once. There is one simple thing to understand here. Because tokens are unique, they are the true digital counterparts of real things, in particular works of art. These tokens also bring order - since digital objects can be copied indefinitely, NFT <\/strong>secures ownership of them. An NFT <\/strong>is a confirmation that the digital file is indeed the original. But how does this relate to the understanding of floor price<\/strong>?<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Each such token is unique, with specific characteristics that make it uncommon or in demand. But because of these characteristics, it can also be difficult to determine the exact worth of an NFT<\/strong>. So why do we need the floor price of an NFT<\/strong>? <\/p>\n\n\n\n

Tangible works of art and other physical items on the market have a set worth, but during the purchase of tokens, crypto enthusiasts may find it difficult to estimate the real value. It is in such situations that the NFT floor price<\/strong> indicator comes in handy. So, today we will discuss the price floor<\/strong> for NFT <\/strong>in more detail and how you can use it.<\/p>\n\n\n\n

If you want to learn even more about NFTs - check out this ultimate guide<\/a> to them by our CEO, Mykhailo Sitalo!<\/p>\n\n\n\n

Starting with the basics: what is a floor price<\/strong>?<\/h2>\n\n\n\n

In fact, it's very simple. Let's break down the floor price<\/strong> term in order and give a simple example:<\/p>\n\n\n\n