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These are the key moments in 2023 when social media posts fueled major protests and sparked heated debates.
Twitter, now trading as X, wields substantial influence in the cryptocurrency market. Tweets are capable of causing rapid changes in investor sentiment and market trends.
This year, the social media platform, under the helm of Tesla CEO Elon Musk, has been packed with everything from groundbreaking announcements from major crypto players to heated criticism from experts.
Let's explore some notable tweets from 2023 and their impact on the cryptocurrency world.
Musk's tweet sparked a 3000% rally
On May 11, Musk, as usual, made a significant impact on the cryptocurrency market with a single post.
The cryptocurrency agitator posted an image related to Milady Meme Coin, a coin that was inspired by the Milady Maker nft project.
This tweet featured one of Milady Maker's anime-style ethereum nft profile images with the caption “No meme. I love you.”
The tweet quickly went viral, racking up more than 250,000 likes and several thousand retweets. The response in the cryptocurrency market was immediate and dramatic.
Milady Meme Coin price increased by more than 3000%. This is a surprising increase, which highlights the sensitivity of the cryptocurrency market to the activity of influential figures on social media.
Optimus ai skyrocketed after Musk's tweet
Musk once again demonstrated his remarkable ability to manipulate markets on June 21.
The SpaceX founder tweeted about Optimus and stated that “he will come in many forms.” This concise yet compelling cryptic message had a profound impact on the cryptocurrency market, particularly on the value of Optimus ai (OPTI).
Following Musk's comment, OPTI saw a significant increase in its market value. In just one day, the price of Optimus ai increased by 38.6%, reaching $0.132, as reported by CoinGecko.
Musk's tweets have consistently demonstrated the ability to generate significant increases in the tokens he mentions, the most notable example being Dogecoin (DOGE).
Let's remember in April how Dogecoin arose more than 35% after Musk replaced the social media platform's old homepage logo, the well-known blue bird, with the cryptocurrency's signature Shiba Inu dog logo.
In addition to the increase in its market price, following Musk's tweet, OPTI also saw a 439.90% increase in its daily trading volume, indicating increased interest and activity around this token.
Since then, Optimus ai has introduced innovative community-driven tools, including ai chatbots and an image generator, to engage users and raise awareness about Optimus and ai in general.
Armstrong's tweets attack the SEC
In June 2023, Coinbase CEO Brian Armstrong gave a notable response via Twitter against the US Securities and Exchange Commission (SEC) charges.
This development came following accusations by the SEC that Coinbase had been operating as an unregistered national stock exchange, broker, and clearing agency since 2019.
Armstrong's response on Twitter highlighted several key points. He emphasized that Coinbase had been subjected to SEC scrutiny and was allowed to become a public company in 2021.
Armstrong also drew attention to the conflicting definitions provided by the SEC and the Commodity Futures Trading Commission (CFTC) regarding whether an asset is considered a security or a commodity.
In his tweet, Armstrong expressed his confidence in representing the industry in court to seek clarity on cryptocurrency regulations. He criticized the SEC's approach to regulation through enforcement as detrimental to the American crypto industry.
He suggested this approach lacked clear guidelines and could be detrimental to growth and innovation in the sector.
CZ shocked the world with his resignation
In November, Binance founder Changpeng Zhao, commonly known as “CZ,” announced his resignation as CEO.
In his tweet announcing his resignation, Zhao shared his plans following his resignation from Binance, the world's largest cryptocurrency exchange.
Emphasizing the need for a break, Zhao mentioned that he had not had a single day of real rest (without a phone) for more than six years.
Zhao also plans to shift his focus toward passive investing. He expressed interest in being a token/minority shareholder in startups, particularly those in the fields of blockchain, Web3, DeFi, ai, and biotech.
Additionally, Zhao indicated that he doesn't see himself returning to a CEO role or driving a startup again. He described himself as a “one-time (lucky) entrepreneur,” suggesting satisfaction with his achievements and experiences in taking Binance to its pinnacle in the cryptocurrency world.
Zhao's resignation came after a settlement was reached between Binance and the US Department of Justice (DOJ), involving a fine of $4.3 billion.
The settlement only involved the Department of Justice and the Commodity Futures Trading Commission, leaving out the SEC, which had separate charges against Binance.
Larsen praises Ripple's partial victory
In July 2023, Chris Larsen's tweets highlighted the outcome of Ripple's (XRP) protracted legal battle with the SEC.
Larsen's post came after a landmark ruling by US District Judge Analisa Torres, which found that Ripple had not violated securities laws by selling XRP to retail investors.
This ruling was a major milestone, not only for Ripple but for the entire cryptocurrency sector, as it was perceived as a partial vindication for the company, its digital currency XRP, and potentially for the cryptocurrency industry as a whole.
The legal battle between Ripple and the SEC centered on whether the sale of XRP constituted a sale of unregistered securities.
The SEC alleged that Ripple's top executives, including Larsen and CEO Brad Garlinghouse, helped the company violate federal securities laws in connection with XRP crypto transactions.
This development was a significant win for Ripple, marking its third consecutive legal victory against the SEC. The case is still ongoing and its next hearing is scheduled for April 2024.
Volcano Mined bitcoin
In July, bitcoin Magazine highlighted El Salvador's innovative approach to bitcoin mining.
The tweet revealed that El Salvador had begun mining bitcoin using 100% renewable energy derived from its volcanoes.
This initiative is part of the country's broader strategy to adopt bitcoin and harness its geothermal resources for economic development.
El Salvador's decision to use volcanic energy for bitcoin mining is not only an environmentally friendly approach but also a strategic economic decision.
The country, under the leadership of President Nayib Bukele, has been at the forefront of incorporating bitcoin into its economic system, becoming the first nation to make bitcoin legal tender in September 2021.
The use of volcanic energy for bitcoin mining is an important step in addressing one of the main criticisms of bitcoin mining: its environmental impact.
Traditional bitcoin mining is energy intensive and has been criticized for its carbon footprint. By using renewable energy sources, El Salvador is demonstrating a sustainable approach to mining, potentially setting a precedent for other countries and miners.
