Tesla and SpaceX CEO Elon Musk is known to try to manipulate stock market and cryptocurrency trends, all with a tweet. Sometimes the tweets just have memes. On Wednesday, Musk continued this long tradition of posting a meme, to add to what the internet has now called the “Musk Effect.” The meme posted by Musk contained a few images from the Harry Potter series. The photo showed a scene from “Harry Potter and the Sorcerer’s Stone”. In the scene, Harry is seen in front of Erised’s magic mirror in a dark hallway with Professor Albus Dumbledore. Dumbledore said to Harry, “It shows us neither more nor less than the deepest and most desperate desire in our hearts.”
In the original scene, Harry saw his parents standing in the mirror, however, in Musk’s meme, Harry is seen looking at a constantly rising bar graph.
The meme appears to be a thinly veiled reference to his favorite cryptocurrency, Dogecoin, which has seen a rise and fall since the start of this year. The steady rise in the bar chart could be Musk’s “deepest desire” to see Dogecoin’s value rise.
As soon as Musk’s tweet was posted, Twitter users started flooding the comments with their own memes.
Keeping Musk’s influence in mind, one user also shared a chart to observe the impact of this tweet on the Bitcoin market.
It can be assumed that the CEO of Tesla will continue to influence the crypto market, either with his memes or with his tweets. Dogecoin started out as a joke. In the first few months of 2021, the joke seemed to have turned on those who didn’t take cryptocurrency itself seriously. Cryptocurrency meme Elon Musk kept tweeting about hitting an all-time high in mid-April, breaking 10 cents for the first time. The rally has led to occasional flare-ups, the result of a semi-ironic move involving thousands of buyers, tens of thousands of posters online, and the world’s richest man, Elon Musk. In early January, each token was worth less than a cent. In late January, when the GameStop and DogeCoin movements hit their stride, the value of DogeCoin soared to 7.5 cents, well above a magnification of 10, before dropping back down to 2.5 cents. The coin has spent the past few months in the three to seven cent range.
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