Many crypto tokens' value can be significantly altered due to Elon Musk's sphere of influence. Tokens can make or break on his words alone, and for some tokens, a majority of their value lies on Elon Musks' shoulders.
However, with the ongoing legal action being taken against Musk by the social media platform Twitter, the crypto tokens affected by Elon Musks' sphere of influence are likely to feel some impact. Two big tokens this might affect are Bitcoin (BTC) and Dogecoin (DOGE), with results that could either benefit or hinder their value.
However, this is not to say that some tokens may not have the potential to benefit from the Musk lawsuit. Tokens like HUH Token (HUH) have the potential to use the situation to their advantage, in a way that could help grow their already developing user base.
Want to know more? Read on to find out.
As the coin that is frequently sited as Elon Musks favourite, the value of Dogecoin (DOGE) is one that is extremely susceptible to Elon Musk's sphere of influence.
With the news about the case, and the overall growth of the crypto market following the bear market conditions back in June, Dogecoin (DOGE) is currently on the rise, up 9% this week according to Coin Market Cap. As the saying goes, no publicity is bad publicity, and this seems to be the case with Dogecoin (DOGE).
However, this is not to say that this rise in value cannot be shaken, as a negative result in the case could result in faith being lost in Musk and thus also in Dogecoin (DOGE).
It is an interesting time for Dogecoin (DOGE), and one that could have a huge range of results in the coming weeks. It is certainly a story to keep up with.
As the first and most successful cryptocurrency by market share in the current market, it is unlikely that the value of Bitcoin (BTC) will be as heavily affected by the Musk lawsuit as Dogecoin (DOGE).
However, this isn't to say that the value of Bitcoin (BTC) will leave the lawsuit completely unscathed. With news of Tesla offloading Bitcoin (BTC) stocks, and Musks impact on the crypto economy in general, there are some fears that the coin may face issues.
As of the writing of this article, the value of Bitcoin (BTC) is up, having risen 7% in the last week. This is a good sign that any issues Bitcoin (BTC) may face as a result of the lawsuit have not yet hit, and if they do hit, these issues may only be minimal.
Be sure to keep an eye on Bitcoin (BTC) over the following weeks. It is impossible to predict what the results of this case may be.
Unlike Bitcoin (BTC) and Dogecoin (DOGE), HUH Token (HUH) has yet to make contact with Elon Musk's sphere of influence, as it is a new project still building its userbase. However, recent developments in the economy of the token make it likely that this will not last long, and with the developing news regarding Musk, HUH Token (HUH) has a major opportunity to build its userbase even further.
HUH Token (HUH) is the token behind the HUH network, a blockchain system hosting a range of aspects like an exchange and NFT marketplace. The project has been on the rise recently thanks to its elaborate social media marketing camapaigns, with their most recent viral stunt utilising 10,000 influencers to push the project to new heights.
Another social media stunt HUH Token (HUH) has in place is their call to action from Elon Musk, with the website actively encouraging users to tweet Musk regarding the project. This is because, if Musk notices the project, he has the choice to accept the projects charity wallet, which holds 20% of all available tokens.
If these tokens are not accepted, they will be donated to mens mental health charities.
With all the news surrounding Musk, and growing notoriety of HUH Token (HUH), now might be the perfect time to consider getting involved as the project is set to grow.
Will you get involved?
For more information on HUH Token (HUH), check out this article.
Or, find out more at the following links:
Presale:https://presale.huh.social/
Website: https://www.huh.social/
Telegram: https://t.me/HuHToken
Twitter: https://twitter.com/HuhToken
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.