Elon Musk, head honcho at both Tesla and Twitter, has once again demonstrated his ability to move markets with a single tweet.

In a Feb. 15 post, he shared a photo of his dog wearing an iconic Silicon Valley-style black turtleneck while seated authoritatively in a large armchair behind a desk.

Musk’s comment, “The new CEO of Twitter is amazing,” was enough to push up the prices of canine-themed cryptocurrencies.

 

The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH — Elon Musk (@elonmusk) February 15, 2023

Dogecoin (CRYPTO: DOGE), the original “memecoin” created as a joke, saw a jump of over 5% in just 15 minutes, with its market cap increasing by nearly $500 million to over $11.5 billion, according to CoinMarketCap.

Similarly, Floki (CRYPTO: FLOKI), a memecoin originally named after Musk’s dog, experienced a sharp rise in price, increasing almost 50% in just an hour, while its total market cap grew by half.

Shiba Inu (CRYPTO: SHIB), another dog-themed memecoin, also saw a price jump of over 1.5% within the first 15 minutes of Musk’s post.

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Musk's tweets have a proven track record of impacting the market, whether he’s posting about Tesla merchandise or considering taking the company private.

Although his tweets have a powerful impact on the market, Musk has faced criticism for using his social media presence to manipulate cryptocurrencies.

His tweet in May 2021 about Bitcoin’s (CRYPTO: BTC) environmental impact caused the cryptocurrency’s value to drop by almost 10%.

Similarly, his announcement that Tesla would no longer accept Bitcoin as payment led to a crash in the cryptocurrency market.

Musk has previously announced his resignation as Twitter’s CEO, with a poll on his account showing that the majority of his followers preferred that he step down.

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