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Elon Musk Turns Things for Ethereum with a Single Word

Elon Musk is back on his Twitter, and this time, he is having fun with the cryptocurrency community. While everyone knows how much Musk’s opinion is respected, it is quite impressive how the CEO of Tesla managed to turn things around for Ethereum completely by tweeting a single word.

In his recent tweet, Elon simply said “Ethereum.” However, the results were massive. The first thing that followed was the flood of Ethereum supporters on his tweet, while ETH price actually started moving up, erasing all previous declines that were bothering the second largest coin.

While Musk attempted to soften the impact by tweeting “jk” soon after the original tweet, it was already too late.

The crypto community started arriving, expecting to find a supporter in Musk. Some even reminded him that he already had troubles with the SEC and that this, be it a joke, or otherwise, might be seen as asking for more.

Then came the response that nobody expected, as Ethereum’s co-founder, Vitalik Buterin himself. Buterin is one of the most influential and respected people in the crypto community, and him approaching Musk in such a way was more than enough to get the community excited. He invited Musk to visit the Devcon conference in October.

Elon responded by saying “Stop giving away free ETH!”, which proves that he does know a thing or two about the crypto space, or at least about Buterin’s problems on Twitter. EthHub developer, Anthony Sassano, noticed another interesting thing, which is a sudden surge of ‘Ethereum’ searches on Google. Only moments after Musk’s first tweet, the number of ETH searches skyrocketed, implying how much a single word from Elon Musk can do — with or without context.

Elon Musk and the crypto space

It is unclear whether or not Musk wanted to impact Ethereum in any way, or was he simply making a joke to see what will happen, or perhaps just tease Ethereum supporters a bit. Whatever his motivations may be, the fact is that his tweet allowed Ethereum to recover from seeing a price decline. While the entire event did not last for very long — ETH is once again trading in the red at the time of writing — it was still an interesting experiment on Musk’s side.

Of course, this is far from the first time he impacted the crypto space with a tweet, as he recently mentioned Dogecoin, thus reminding the entire crypto space of the meme that became a cryptocurrency. The Dogecoin community seemed pleased enough, and they even named Musk the project’s (fake) CEO.

One of the conclusions that can be reached from this entire experiment is the impact that Musk actually has. Many were speculated whether or not he might go crypto, and if he did — whether he would give his support to an existing coin, or would he go for making a new Tesla coin, or SpaceX coin.

Whatever he did, his crypto would likely see instant success, with the demand and prices going through the roof. While Musk never openly embraced the crypto space, he remained at the edge of it for some time now, and whenever he attempted to test the community’s reaction — it was always very welcoming, which must be quite a change from how Musk is treated by the Wall Street. As mentioned, however, the billionaire remains hesitant of openly entering the industry, at least for now.

About Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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