Only one word from the right source is enough to make a difference even if it’s for a short while. This has been proven by Elon Musk who in the early hours of 30 April tweeted “Ethereum”, just a single word. This has attracted responses from several Twitter users, some of the key personalities in the cryptocurrency industry including Ethereum’s creator Buterin Vitalik.
Vitalik extended an invitation to Musk to attend the Ethereum Devcon coming in October 2019. Also in response, Tron’s CEO Justin Sun wrote “BitTorrent” and “Tron”, probably implying that he would have written those instead of Ethereum.
This could just be a tease and Musk was just having fun as he almost immediately followed the tweet with “jk” meaning it was a joke. However, the crypto community has already interpreted the tweet in many different ways. Some may have thought it was a clue that Musk was about to give out free Ethereum, a notion he had indirectly countered when he replied Vitalik saying he should stop giving away free Ethereum.
However, Others on the thread were hoping that Ethereum will get a serious price boost on account of the tweet and although it did get a boost, it was a small one. Ethereum is currently trading at $159.02 as against the $156 at the end of yesterday, representing a gain of 2.26% in the last 24 hours.
Musk has been a cryptocurrency fan and once said Bitcoin technology is brilliant and superior to paper money. He later said Dogecoin was his favorite coin during which time he was “appointed” as CEO of Dogecoin for a short while.
Members of the cryptocurrency community are calling on Musk to launch his own cryptocurrency as “Tesla Coin”, “Muskcoin” or “Muscoin” because his obsession with crypto has become very glaring, probably because the SEC has an eye on him concerning Tesla comments on Twitter.
If Musk does launch his own cryptocurrency, it will most likely be widely accepted as it seems he has already established a presence in the cryptocurrency space and has more acceptance probably more than the automobile industry where he is specialized.
Is this tweet going to have a long term impact on Ethereum’s price or is it just for a short while? Meanwhile, the entire crypto market is turning green so it’s hard to tell if the tweet is still at work for Ethereum or the market is actually on its way up.