Can Social Media Influencers Influence the Price of Cryptocurrencies?

[Zevin]

Recently, the influencers on Reddit began discussing Doge Coin and the cryptocurrency surged by 500 percent just in 24 hours. The price went up to $0.049 from $0.007681. The Redditors were following a move from Elon Musk who had Tweeted an image "Dogue" the Doge in the Vogue style. Just an hour after the tweet, Doge price went up by 50 percent. This was not the first time Musk tweeted about Dogue. In July, he tweeted about Dige and the price went up by 20 percent.
Musk has done it again. On January 29th, he changed his Twitter bio to mention Bitcoin and the price of bitcoins went up by 13 percent within a couple of minutes after the tweet.
From what I understand about crypto currency is the price changes according to demand and supply. However, here we see the price going up when big names like Musk begins to talk about certain crypto currency.
Do you think social media influencers can actually influence the price of cryptocurrencies?

 

[Kayzzy3]

Recently, the influencers on Reddit began discussing Doge Coin and the cryptocurrency surged by 500 percent just in 24 hours. The price went up to $0.049 from $0.007681. The Redditors were following a move from Elon Musk who had Tweeted an image "Dogue" the Doge in the Vogue style. Just an hour after the tweet, Doge price went up by 50 percent. This was not the first time Musk tweeted about Dogue. In July, he tweeted about Dige and the price went up by 20 percent.

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Musk has done it again. On January 29th, he changed his Twitter bio to mention Bitcoin and the price of bitcoins went up by 13 percent within a couple of minutes after the tweet.

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From what I understand about crypto currency is the price changes according to demand and supply. However, here we see the price going up when big names like Musk begins to talk about certain crypto currency.
Do you think social media influencers can actually influence the price of cryptocurrencies?

Yes social media can and has influenced the prices of crypto Currencies.

Over the the years, we have seen social media wield such a pivotal influence on the crypto currency space, this is mainly because most news about crypto currency is borne via social media. I got a wimp and actively participated in Crypto Currency activities because of social media.

 

[Famok]

Over the last few years, cryptocurrency has grown, each in value and popularity. In fact, many enterprise leaders believe cryptocurrency has the electricity to exchange finance and marketing for all time. however as virtual foreign money, like bitcoin, turns into greater commonplace , cryptocurrency may also gift a few issues for marketers seeking to gather customer statistics.

For those readers out there who need a crash path, cryptocurrency is a type of blockchain generation, or peer-to-peer network, with the aid of which digital foreign money is sent and time-honored, among other matters.


What makes virtual forex one of a kind from the traditional monetary machine we use today? The transactions are created, proven, secured, and enforced on a decentralized ledger.

this means digital forex may be despatched and received anonymously and securely with out economic group middlemen and prices.

 

[Nathaniel]

Social media affects our lives daily. ... But just as social media can help popularize cryptocurrency, it can also contribute to market price fluctuation

 

[ronaldlorenzo01]

I think for me as social media influencer you can do what ever you want. You can also influence people by advertising. For example he advertise some company coins like Ivan Alawi. She advertise Lyka apps. It is a form of coin payment. So now it booms into the market.

 

[ossai]

Social media affects our lives daily. Some people even believe that if something isn’t trending on social media, then it simply isn’t happening. This is why social media plays such a large role in the success and value of cryptocurrency.
People interested in and holding bitcoin, which is currently the most popular and valuable cryptocurrency, can get just about any information on it via social channels. Facebook, Twitter, and especially Reddit have helped launch bitcoin into the mainstream.

 

[Ehizzy1]

Yeah i think factors like this influence the price of bitcoin and most people use this opportunity to trade bitcoin and make more profit from the increase and i never expected the increase to happen so i was a bit surprised and i an really happy the increase finally happen and most of my friends benefitted from it

 

[Sake]

Perhaps? But personally I don't care about those social media influencer when it comes to crypto i would rather follow those big investors that's already successful with trading and investments. But i guess every publicity is good for crypto.

 

[kayode10]

I think important figures in financial sectors at the one who have the power to influence the price of bitcoins in the market. Social media influencer can only try when it comes to product launching, but they have little or no effect on cryptocurrency. The financial expert, the cryptocurrency expert and brokers as a powerful rules to play when it comes to influencing the price of cryptocurrency.

 

[Nurudeen]

Definitely social media influencers can influence the price of crypto currency exchange Business. Just like what happened to Bitcoin as at yesterday when Elon Musk twitted about Bitcoin the price of the coin just went up immediately with a single tweet and that's the effect of the richest men in the world and some other giant Investors

 

[Patrik]

yes they do, for example when Elon Musk recently put Bitcoin logo on his bio in twitter, the price increase for up to 20% of its own first value, it did drop after that, but it's not a big deal because he showed to people that their opinions matter a lot

 

[Niftyyem]

With the huge time people spend online these days and on their social media platforms, it would be wrong to say that they are not influenced by what those they admire have to state about anything at all not just on Crypto.

 

[Mandypaul]

I don't think this is possible to some extent, a social media influencer can actually manipulate the price of cryptocurrency only in one condition and that condition is that the celebrity who is doing this is a crypto trader celebrity , that is the only way, a normal celebrity can never do that
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I don't think this is possible to some extent, a social media influencer can actually manipulate the price of cryptocurrency only in one condition and that condition is that the celebrity who is doing this is a crypto trader celebrity , that is the only way, a normal celebrity can never do that

 

[Asad Ali]

Yes, cryptocurrencies are heavily influenced by social media because a few days ago Elan Musk wrote in his Twitter bio, Bitcoin, the price of Bitcoin.Similarly, many people are attached to social media. Many people give trading signals on social media with which people make profit by selling their coins.

 

[Olaoluwa Abraham Abiodun]

Yes social media influences Crypto currency price on daily basis

 

[Jimmie150]

Social media influencers has a lot to play in the price of cryptocurrency all over the world. Through them alt coin has been gaining momentum and getting popular on a daily basis. In other words they have a lot of role to play.

 

[marky]

Individuals inspired by and holding bitcoin, which is as of now the most mainstream and significant digital money, can get pretty much any data on it by means of social channels. Facebook, Twitter, and particularly Reddit have helped dispatch bitcoin into the standard.

 

[Robrown83]

The social media is now some people daily routine which they can not o without it everyday. The cryptocurrency are fluctuating these due to the traffic of people on social media.

 

[Dowenship]

Recently, the influencers on Reddit began discussing Doge Coin and the cryptocurrency surged by 500 percent just in 24 hours. The price went up to $0.049 from $0.007681. The Redditors were following a move from Elon Musk who had Tweeted an image "Dogue" the Doge in the Vogue style. Just an hour after the tweet, Doge price went up by 50 percent. This was not the first time Musk tweeted about Dogue. In July, he tweeted about Dige and the price went up by 20 percent.
Musk has done it again. On January 29th, he changed his Twitter bio to mention Bitcoin and the price of bitcoins went up by 13 percent within a couple of minutes after the tweet.
From what I understand about crypto currency is the price changes according to demand and supply. However, here we see the price going up when big names like Musk begins to talk about certain crypto currency.
Do you think social media influencers can actually influence the price of cryptocurrencies?

Hmm.... Probably coincidental because I see no reason why this increase to happen due to their involvement by posting the image of info about it. And its possible because they have to class business men on their plateform who can also contribute

 

[GIFTMICHAEL]

From your analysis this statement can be true about social media influencers they can influence the rise of cryptocurrency.
According to your analysis Elon musk just tweeted about Bitcoin on 29th immediately the price of Bitcoin surged high. This great investors can influence prices.