Elon Musk’s tweet causes a short-lived rise in the price of Optimus AI Memecoin
Tesla CEO Elon Musk’s tweet featuring a video of his humanoid robot, Optimus, incited a significant increase in the value of the associated memecoin, Optimus AI (CRYPTO: OPTI). Before Musk’s tweet, OPTI was trading at 21 cents and had a market cap of $21.8 million. However, after Musk’s tweet, the memecoin’s market cap skyrocketed to an impressive $28 million. Blockchain entrepreneur Bruno Volcovinsky explained that Musk’s tweets often serve as a trigger for investors to buy into related memecoins, expecting other investors to follow suit, causing a rapid and significant increase in the coin’s price. Those who invest early may be able to make a lot of money when the price goes up.
Elon Musk’s Growing Influence in Cryptocurrency
Crypto analyst Tiredwtf echoed Volcovinsky’s sentiments, underscoring Musk’s growing influence in the cryptocurrency market. Musk’s early endorsement of Dogecoin has precipitated similar patterns of investment in other Elon-inspired coins. While Musk’s tweets can cause a sharp rise in the price of certain cryptocurrencies, these surges are often ephemeral. The same thing happened with OPTI. Its price went up at first, but then it went down again. At the time of writing, it was trading around 20 cents. This pattern bears a striking resemblance to the price fluctuations observed in Dogecoin following its initial spikes prompted by Musk’s tweets.
Musk’s Influence on Cryptocurrency Prices
When it comes to the unstable world of cryptocurrencies, the past tends to repeat itself. Investors who are quick to act on Musk’s tweets can potentially reap sizable profits, but they must also be prepared for the inevitable price corrections that follow these short-lived rallies. Optimus’s price rise follows a familiar pattern of Musk’s tweets influencing cryptocurrency prices. In 2021, his pronouncements were credited with driving up the price of Dogecoin by over 8,000%. It looks like his attention has now turned to Artificial Intelligence (AI) tokens, as OPTI and maybe even others like GROK are seeing similar price increases.
