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Elon Musk Embraces Popular Crypto Meme

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Sun, 14/01/2024 - 9:48
Elon Musk Embraces Popular Crypto Meme
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Elon Musk has revisited an old interview from 2010 where he labeled CNBC's Jim Cramer a "contraindicator," a term that has since gained meme status in the cryptocurrency community when someone talks about the renowned analyst.

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Musk, who has a penchant for engaging with and even creating memes, playfully referenced the interview with a recent tweet that read "Inverse Cramer." This comes after Cramer's latest forecast on Bitcoin, where he suggested a potential reversal was imminent. His prediction was met with skepticism, as the finance personality has become notorious for his calls that often are perceived to lead to the opposite outcome by the crypto community.

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DOGE/USDT chart by TradingView

Elon Musk is known for his influential tweets that have greatly influenced the market in the past, seems to enjoy participating in the industry's vibrant and sometimes irreverent culture. His actions often have a substantial effect on the prices of different assets. The most recent example is the TROLL meme currency, which gained thousands of percent in value.

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Cramer's recent Bitcoin top call, which turned out to align with the actual market movement, is a rare occurrence that contradicts the usual trend where his predictions become fuel for meme creators due to their massive inaccuracy.

Elon Musk's involvement in the cryptocurrency meme culture is not new. He has previously influenced the market with his tweets about Bitcoin and Dogecoin, directly affecting the prices of those two assets.

Unfortunately, Musk's favorite meme coin, Dogecoin, has not received much attention from the multi-billionaire, which is reflected on the DOGE chart. It has been showing extremely poor performance amid the market-wide bullish reversal.

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