Elon Musk's tweets have had a history of inadvertently affecting the prices of various cryptocurrencies and stocks, and his latest cryptic tweet is no exception. This time, Musk mentioned the symbol used for the web3-focused Aptos coin, "APT," which caused its price to surge briefly. Musk quickly deleted the tweet, but not before it caught the attention of the crypto community.
The tweet caused APT to jump nearly 8% to $13.68, but after Musk deleted it, the price dropped to $12.77. Nevertheless, the coin has seen an 8% increase over the past 24 hours. Despite this, the Aptos token is still trading at around 33% below its all-time high of $19.92, which it achieved back in January of this year. According to CoinGecko, the token reached almost $460 million in 24-hour trading volume.
Musk's influence in the cryptocurrency space has been significant, and his tweets have frequently caused the prices of various cryptocurrencies to skyrocket or plummet. In fact, this phenomenon has become known as the "Musk effect."
The now-deleted tweet caused confusion among some users, who couldn't understand why Musk mentioned Aptos in the context of artificial intelligence and over-the-top content (OTT). Musk has frequently discussed the risks posed by advances in artificial intelligence, and last year, he compared the success of The Pirate Bay to other OTT services such as Netflix and Prime.
Some have interpreted Musk's choice of Aptos as another one of his idiosyncratic moves, while others have suggested that it might be part of a larger conspiracy. Either way, the tweet caused a frenzy and highlighted once again the power that Musk wields in the cryptocurrency space.
This is not the first time that Musk has caused a stir in the cryptocurrency world. Earlier this month, he changed his Twitter profile picture to a Bitcoin logo, causing the price of the cryptocurrency to surge. And in the past, his tweets have caused the price of Dogecoin, a meme-inspired cryptocurrency, to skyrocket.
The "Musk effect" has been so significant that it has even led to the CEO having trouble with the Securities and Exchange Commission (SEC). In 2018, Musk tweeted that he had secured funding to take Tesla private, which turned out to be untrue, and led to him being sued by the SEC.
Overall, it is clear that Musk's influence in the cryptocurrency space cannot be ignored. His tweets have the power to move markets and affect the prices of various cryptocurrencies and stocks. While some may view this as problematic, others see it as an opportunity to profit from the volatility that Musk's tweets can cause. Regardless of how one feels about Musk's influence in the cryptocurrency world, it is clear that he is a major player who is here to stay.
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