Elon Musk and crypto tweets: How social media moved the market in 2023

Here are the key moments in 2023 where social media posts fueled significant rallies and sparked heated debates.

Twitter, now doing business as X, wields substantial influence on the crypto market. Tweets are capable of sparking rapid changes in investor sentiment and market trends.

This year, the social media platform — under the helm of Tesla CEO Elon Musk — has been abuzz with everything from groundbreaking announcements by major crypto players to heated criticism from experts.

Let’s explore some standout tweets from 2023 and their impact on the crypto world.

Musk’s tweet sparked a 3000% rally

On May 11, Musk, as usual, made a significant impact on the crypto market with a single post.

The crypto firebrand posted an image related to the Milady Meme Coin, a coin that drew its inspiration from the Milady Maker NFT project.

This tweet featured one of the Milady Maker anime-style Ethereum NFT profile pictures with the caption “There is no meme. I love you.”

pic.twitter.com/4s6HwnCY74

— Elon Musk (@elonmusk) May 10, 2023

The tweet quickly went viral, amassing over 250,000 likes and several thousand retweets. The response in the crypto market was immediate and dramatic.

The price of Milady Meme Coin surged by more than 3000%. That’s an astonishing rise, highlighting the sensitivity of the crypto market to influential figures’ social media activity.

Optimus AI skyrocketed following Musk’s Tweet

Musk, once again, demonstrated his remarkable ability to manipulate markets on June 21.

The SpaceX founder tweeted about Optimus, stating that it “will come in many forms.” This cryptic message, concise yet compelling, had a profound impact on the cryptocurrency market — particularly on the value of Optimus AI (OPTI).

Optimus will come in many forms pic.twitter.com/0uWDioDGzG

— Elon Musk (@elonmusk) June 21, 2023

Following Musk’s comment, OPTI experienced a significant surge in its market value. In just one day, the price of Optimus AI increased by 38.6%, reaching $0.132, as reported by CoinGecko.

$OPTI (⁦@OptimusAI_Token)⁩ is up 38.6% to $0.132 today following Elon Musk’s tweet mentioning “Optimus”.

🤖: https://t.co/CzGlOfUN68 pic.twitter.com/mkTUWNlI8Z

— CoinGecko (@coingecko) June 21, 2023

Musk’s tweets have consistently demonstrated the ability to generate significant surges in the tokens he mentions, with the most notable example being Dogecoin (DOGE).

Recall in April how Dogecoin surged more than 35% after Musk replaced the social-media platform’s former homepage logo, the familiar blue bird, with the cryptocurrency’s signature Shiba Inu dog logo.

In addition to the spike in its market price, following Musk’s tweet, OPTI also saw a 439.90% increase in its daily trading volume, indicating a heightened interest and activity around this token.

Optimus AI has since introduced innovative community-driven tools, including AI chatbots and an image generator, to engage users and raise awareness about Optimus and AI in general.

Armstrong’s tweets take a dig at the SEC

In June 2023, Coinbase CEO Brian Armstrong made a notable response via Twitter against charges from the U.S. Securities and Exchange Commission (SEC).

This development followed the SEC’s allegations that Coinbase had been operating as an unregistered national securities exchange, broker, and clearing agency since 2019.

Armstrong’s Twitter response highlighted several key points. He emphasized that Coinbase had undergone SEC scrutiny and was allowed to become a public company in 2021.

Regarding the SEC complaint against us today, we’re proud to represent the industry in court to finally get some clarity around crypto rules.

Remember:
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to “come in and…

— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023

Armstrong also called attention to the conflicting definitions provided by the SEC and the Commodity Futures Trading Commission (CFTC) regarding whether an asset is considered a security or a commodity.

In his tweet, Armstrong expressed confidence in representing the industry in court to seek clarity on cryptocurrency regulations. He criticized the SEC’s approach of regulating through enforcement as being harmful to the American crypto industry.

He suggested that this approach lacked clear guidelines and could be detrimental to the growth and innovation in the sector.

CZ shocked the world with his resignation

In November, Binance founder Changpeng Zhao, commonly known as “CZ,” announced his resignation as CEO.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…

— CZ 🔶 BNB (@cz_binance) November 21, 2023

In his tweet announcing his resignation, Zhao shared his plans post-resignation from Binance, the world’s largest cryptocurrency exchange.

Emphasizing the need for a break, Zhao mentioned that he hadn’t had a single day of a real (phone off) break for over six years.

Zhao also plans to shift his focus toward passive investing. He expressed interest in being a minority token/shareholder in startups, particularly those in the fields of blockchain, Web3, DeFi, AI, and biotech.

Additionally, Zhao indicated that he does not see himself returning to a CEO role or driving a startup again. He described himself as a “one-shot (lucky) entrepreneur,” suggesting contentment with his achievements and experiences in leading Binance to its pinnacle in the crypto world.

Zhao’s resignation came after a settlement was reached between Binance and the U.S. Department of Justice (DOJ), involving a $4.3 billion fine.

The settlement only involved the DOJ and the Commodities Futures Trading Commission, leaving out the SEC, which had its separate charges against Binance.

Larsen hails Ripple’s partial victory

In July 2023, Chris Larsen’s tweets highlighted the outcome of Ripple’s (XRP) prolonged legal battle with the SEC.

I haven’t been as vocal on the lawsuit as @bgarlinghouse and @s_alderoty, but today is a huge win for crypto in the US – big thanks to all who supported us along the way. https://t.co/gSUFQbVo5k

— Chris Larsen (@chrislarsensf) July 14, 2023

Larsen’s post came after a landmark ruling by U.S. District Judge Analisa Torres, which found that Ripple had not violated securities laws when selling XRP to retail investors.

This ruling was a major milestone, not just for Ripple but for the entire cryptocurrency sector, as it was perceived as a partial vindication for the company, its digital currency XRP, and potentially for the broader crypto industry.

The legal battle between Ripple and the SEC centered on whether the sale of XRP constituted a sale of unregistered securities.

The SEC alleged that Ripple’s top executives, including Larsen and CEO Brad Garlinghouse, aided the company in violating federal securities laws in relation to XRP crypto transactions.

This development was a significant triumph for Ripple, marking its third consecutive legal victory against the SEC. The case is still ongoing, and its next hearing is scheduled for April 2024.

Bitcoin mined with volcano

In July, Bitcoin Magazine highlighted El Salvador’s innovative approach to Bitcoin mining.

FUN FACT: 🇸🇻 El Salvador mines #Bitcoin with 100% renewable energy from volcanoes 🌋 pic.twitter.com/qizHQUXm8A

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2023

The tweet revealed that El Salvador had begun mining Bitcoin using 100% renewable energy derived from its volcanoes.

This initiative is a part of the country’s broader strategy to embrace Bitcoin and leverage its geothermal resources for economic development.

El Salvador’s move to use volcanic energy for Bitcoin mining is not only an environmentally friendly approach but also a strategic economic decision.

The country, under President Nayib Bukele’s leadership, has been at the forefront of incorporating Bitcoin into its economic system, becoming the first nation to make Bitcoin legal tender in September 2021.

The use of volcanic energy for Bitcoin mining is a significant step towards addressing one of the major criticisms of Bitcoin mining — its environmental impact.

Traditional Bitcoin mining is energy-intensive and has been criticized for its carbon footprint. By using renewable energy sources, El Salvador is demonstrating a sustainable approach to mining, potentially setting a precedent for other countries and miners.

Read more: Convicting Zhao is just the beginning as crypto confidence hinges on greater oversight, analyst says

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