Ethereum News

Elon Musk propels the price of ETH into gains with a single word

The price of ETH recovered from recording a decline, although temporarily, with just one word from the Tesla CEO, Elon Musk. In the past, the CEO pulled an almost similar stunt with Dogecoin.

However, with Ethereum it was a bit different; it was a one-word tweet; “Ethereum.” Even before he finished his second tweet, “Just kidding (JK),” the energy was already running high in the Ethereum community. The price of ETH even started shedding off losses to record gains. The energy could also be seen in the number of likes the tweet received, approximately 28 thousand likes within three hours.

Some Twitter users engaging with Musk’s post shouted “One of us! One of us! One of us” with others reminding the Tesla CEO that he should tread carefully on crypto grounds since the United States Securities and Exchange Commission (SEC) has some unfinished business with him.

Ethereum’s founder, Vitalik Buterin, even invited Musk to the Devcon event that is due in October. But it was not only the price of ETH that bore witness to the impact of Elon’s magic word. It was also the most searched term on Google. Unfortunately, Google Trends only indicated a spike which then started declining.

In the recent past, Elon caused quite a stir when he changed his Twitter bio to include “former CEO of Dogecoin.” This was enough to drive the price of Dogecoin to new highs. The two recent occasions cement a clear picture of the CEO’s space in the hearts of crypto traders, hodlers, and investors.

Musk is still on SEC’s speed dial for the last year tweet which the SEC said was “false and misleading.” The controversial tweet indicated that Musk had secured funding and was ready to take Tesla private. The SEC considered it misleading since there was no hard evidence.

Will the price of ETH return to the green after the short lived pump?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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