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How Elon Musk May Have Caused Another Cryptocurrency To Surge

May 16, 2021 12:34 pm
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How Elon Musk May Have Caused Another Cryptocurrency To Surge

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk apparently has caused the price of another cryptocurrency to increase. 

What Happened: An analysis published by Cointelegraph shows that the number of tweets about the Aave (CRYPTO: AAVE) cryptocurrency skyrocketed one day before the price of the coin sharply increasing.

The reason why is — as with so much else happening in crypto lately — comments from Musk.

Cointelegraph explained that Tesla's self-crowned technoking's recent "Saturday Night Live" appearance not only featured Dogecoin (CRYPTO: DOGE) jokes. It also featured a skit that has caused some on social media to cry foul over the use of "African-American Vernacular English," or AAVE.

Learn more: How to Buy Dogecoin 

Accusations of cultural appropriation caused Twitter users to use this acronym way more than before in the days that followed Musk's appearance.

Price Jump: "As it happens, AAVE (the crypto asset) did indeed soar following the uptick in Twitter volume for the term AAVE (an acronym)," the Cointelegraph report reads.

Aave's price jumped by nearly 45% from a low of $420 reported on May 11 to a high of $608 on May 13 after Musk's May 8 "Saturday Night Live" appearance.

Aave is a financial services protocol based on the Ethereum (CRYPTO: ETH) network that lets users borrow and lend assets. AAVE is the system’s governance token that allows its holders to vote on proposals that define future protocol updates.

Photo: Screenshot from "Saturday Night Live"

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