Since Musk tests the technological boundaries, his radical ideas combined with his desire to change the planet have procured him a spot as one of the most famous social influencers who frequently shows how impactful social media and crowd psychology could be for international markets.
Social networking platforms haven't only revolutionized the manner by which individuals communicate and consume data, they also permit entrepreneurs, corporations and individuals to network and share information in a timely way. Platforms have their unique designs and objectives with certain features provided. Elon Musk has chosen to use Twitter as his preferred platform. With over 50 million twitter followers along with a developing brand, it comes as no surprise that if the billionaire expresses his opinion on the societal network, people listen and react and so do markets.
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For people who don't remember, Elon Musk's tweets played a significant role in fueling the recent cryptocurrency rally following a variety of key market participants followed Musk in adopting Bitcoin as an alternate method of repayment, while also adding $1.5 Billion in the cryptocurrency to Tesla's balance sheet. Likewise, it was another one of Musk's optimistic tweets that sparked a rapid surge in the demand for Dogecoin, allowing the meme-based cryptocurrency to spike approximately 500 percent per week.
With over 300,000 likes and 55,000 retweets, Dogecoin prices jumped, demonstrating the massive impact influencers such as Elon Musk have on financial markets.