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The ‘Elon Effect’ shows how opinion leaders shape the FinTech market

January 9, 2023


The power that influencers have in affecting public perception and therefore causing alterations in the value of a product, service, asset or currency has increased to the point where they can crash or uplift entire markets with their content and takes.

The Elon Effect

In 2021, Elon Musk could send the price of the famous memecoin Dogecoin up by 50% with just a single tweet. He still has a lot of power over the crypto markets, and several people in the cryptocurrency world and traditional finance have accused Musk of manipulating the cryptocurrency market with just a few tweets.

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