- “Don’t defy DeFi,” Elon tweeted through his official account on Twitter
- This one reflects an affirmative endorsement of all DeFi related tokens
- Trading pursuit in DeFi tokens rose following Elon’s tweet
Elon Musk, the CEO of Tesla Inc, is making news again with his recent tweet about crypto. This one clearly reflects an affirmative endorsement of all DeFi related tokens.
Elon Musk’s strong Twitter impact
“Don’t defy DeFi,” Elon tweeted through his official account on Twitter. This tweet holds the value to inspire confidence in various DeFi token traders as a market-wide sell-off witnessed the majority of the coins incur enormous amounts of losses overnight.
According to a report by CoinMarketCap, trading in DeFi tokens rose following Elon’s tweet. Thus, the comprehensive market cap all over the sector surged with 0.43% to a significant high of $79.49 billion.
Market advocates previously suggested that his tweet is likely to prove as a bullish push for the graph of Ethereum, the blockchain that backs majority DeFi or decentralized finance applications.
The history of Elon’s Twitter influence
Elon Musk’s tweets targeting particular cryptocurrencies are a rage. They usually end up impacting their ensuing short-term price fluctuation. Till now, the Tesla CEO holds the credit of creating movements in the space of Bitcoin and Dogecoin with his exclusive tweets about the respective crypto assets. On every occasion when Elon has tweeted about them, the cryptocurrencies have witnessed a considerably significant rally in their ecosystems.
Besides, Elon’s most recent influence on the crypto market, prior to his specific endorsement of DeFi, was on March 24. The crypto market witnessed a transitionary pause when he announced that Tesla will now be accepting Bitcoin as payment.
The CEO stated that Tesla will be executing its Bitcoin nodes directly, without any middlemen involved. Thus, any Bitcoin deposited to Tesla will be sustained as Bitcoin. It will not be converted into fiat currency during its retaining period.
Bitcoin witnessed a notable surge from its existing value of $54,000 to $56,500 after the news got out. However, it eventually fell down to the value of $51,381.
Elon Musk, on the other hand, established records last year for building one of the quickest streaks of wealth accumulation in history. However, Tesla Inc. CEO recently incurred a loss of $27 billion as shares of the manufacturer plunged in the selloff series of tech stocks. His net worth of $156.9 billion still positions him on No. 2 at the Bloomberg Billionaires Index, but now he stands about $20 billion behind Jeff Bezos.
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