With the cryptocurrency market poised for a bull market in 2024, one that people believe could be a super-cycle, many eyes are on the space. One of those may be the richest man in the world, Elon Musk. This morning, he made a post to X about a music NFT he almost sold in March 2021:
The post refers to an NFT with a looping techno soundtrack. In it, a female singer says, “NFT for your vanity/Computers never sleep/It’s verified/It’s guaranteed.” Musk minted the non-fungible token on Valuables, a social media blockchain platform that allowed users to sell X posts.
The highest bid was from Sina Estavi, a crypto entrepreneur and CEO of Bridge Oracle, to the tune of 625 ETH or $1.12 million at the time. Musk would later renege on the sale of his NFT, posting to X that “Actually, doesn’t feel quite right selling this. Will pass.” Estavi would go on to purchase an X post from Jack Dorsey, the creator of X (formerly Twitter), for $2.9 million.
Elon Musk has a long history of both poking fun at the Web3 space but also participating in the madness. He has supported Dogecoin, which was initially created as a joke coin, saying Doge is better for transactions than Bitcoin, and recently posted a meme from an NFT collection called Milady Maker, sending the floor price of the set skyrocketing.
Some cryptocurrency enthusiasts have replied to Musk’s post, with Pranksy saying “I think I was sent a few thousand versions of this” and other people making mention of Doge or Bitcoin. Time will tell if and when the bull market starts, but there’s no doubt that the crypto community on X is getting ready for a ride not seen in years.
Elon Musk: Cryptocurrency Enthusiast?
Elon Musk is worth $222 billion based on the latest estimations, but that hasn’t stopped him from having fun with the cryptocurrency community and even meme-ing collections into the stratosphere. In fact, one instance in 2023 showed that the X, Tesla, and SpaceX owner is aware of the space and perhaps his influence on it.
Eight months ago, amid the full bear market, Musk made a post to X that featured a simple meme. It contained a picture of a sparkly-eyed, cartoon girl with the sentences, “There is no meme. I love you.”
Perhaps by itself the meme wouldn’t have caught attention, but there was this: The image was taken from an NFT collection called Milady Maker, which is known for a community of collectors who aren’t too preoccupied by price action. Soon, traders descended on the collection, and the floor price of Milady Maker soared from 3.8 ETH ($6,837) to 7.3 ETH ($13,133) in a few hours.
Although the floor price would eventually return to pre-Musk levels, the event showed the power of Musk’s influence in the crypto space, an influence that often spikes values of NFTs and coins alike. Doge saw a similar rise when people speculated that Musk would make it a tradeable currency through X.
When the bull market comes, will there be more Musk posts about crypto? We’ll just have to wait to find out.
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