.Author Wahyunanda Kusuma Pertiwi | Editor Reza Wahyudi KOMPAS.com - Elon Musk is not only a wealthy technology entrepreneur. In a way, he is also an "influencer". Why not, whatever he tweeted via handle @elonmusk, his popularity always suddenly rose followed by the skyrocketing stock value. Most recently the cryptocurrency Dogecoin, whose price suddenly went up after Elon Musk's tweet. Dogecoin's price rose 35 percent after the Tesla and SpaceX CEO wrote a few tweets about Dogecoin. Within 24 hours, the price of Digecoin shot from 0.048356 US dollars to 0.065448 US dollars, the highest increase that Dogecoin has ever experienced. However, the price of Digecoin went down before rising again by 25 percent. Now, Dogecoin's price stands at $ 0.067544, up 13.48 percent at the time of writing, according to the CoinDesk page. Dogecoin's year-to-date (YTD) return was around 1,032.91 percent. On Sunday (7/2/2021) morning, Dogecoin's market capitalization reached 7.81 billion US dollars or around 109.3 trillion (exchange rate of IDR 14,009). The increase came after on Saturday (6/2/2021) night when Musk threw a poll to more than 46 million followers (followers) on Twitter. They are given a choice of which future Earth currency will be, either "Dogecoin to the Moooonn" or "all crypto combined". The first choice was the most elected with a total vote of 71.3 percent. The tweet was then retweeted by him with the comment "the public has said".
Previously, Musk also "contributed" to Dogecoin's 59 percent increase after posting several tweets about Dogecoin. The first tweet, uploaded on February 4, was in the form of a string of images of a SpaceX rocket taking the air, followed by a post with the words "Doge". Later, Musk posted a tweet that read "Dogecoin is a public cryptocurrency" on the same day. He also uploaded a meme with an illustration of the iconic scene of the movie "The Lion King", where Rafiki's character, transformed into Musk's face, raises little Simba who is turned into a dog. Dog itself is the logo of Dogecoin. His latest tweet even "promoted" a video about Dogecoin uploaded on YouTube.
Musk Dogecoin's "magic" tweets aren't the only ones to have benefited from Musk's "magic" tweets. Previously, DC Projekt Red (CDR) shares rose 12 percent thanks to Musk's praise tweets to Cyberpunk 2077. Musk also posted a tweet that reads "Gamestonk" which is believed to be a combination of the words "GameStop" and "stonk", which is the slang of the word "stock. (shares). The tweet includes a link to a thread on the Reddit forum. At the forum, amateur investors from the sub-forum "WallStreetBets" launched their move to make hedge funds lose money to dealers.
Thanks to this tweet, GameStop's (GME) stock price skyrocketed to US $ 371 per share. Prior to his tweet about GameStop, Musk also praised US-based craft and fashion e-commerce Etsy (ETSY). ETSY shares also rose 9 percent after the tweet. In early January, Musk also indirectly "promoted" instant messaging application Signal, a competitor to WhatsApp. The tweet was uploaded in the midst of a fuss about the new WhatsApp privacy policy rules which were finally postponed. Musk also quipped Facebook, the parent of WhatsApp, with a meme with Mark Zuckerberg's picture. As a result, people started getting aware of the Signal app and migrating from WhatsApp to Signal. However, it's not just instant messaging company Signal that is benefiting. Health technology company Signal Advance is also making a splash. This is because many investors are fooled into thinking that Musk means Signal Advance. As a result, Signal Advance (SIGL) shares rose by up to 1,000 percent.
However, a different fate occurred in his own company. Instead of going up, Musk's tweet actually sent Tesla's stock down. The reason was when Musk said "Tesla's stock is too high".
The tweet then triggered investors to resign and caused Tesla's share price to drop to 140 US dollars per share on the 1st May 2020 trade. As a result, netizens who participated in handing over shares to Tesla protested to Elon Musk for losing money.