THE BATTLE OF THE CRYPTO BRATS

If crypto falls and no one’s on Twitter to pump it up, does it matter?

In the modern digital era, where influential figures are able to connect with their audiences instantaneously, the question of the power these individuals are able to wield with seemingly no consequence has spilt over into the world of cryptocurrency.

Recently, Twitter users have admonished Elon Musk for his change in stance on Bitcoin, citing increasing environmental concerns as the catalyst for his EV company distancing themselves from the digital currency. It should be noted that Tesla invested approximately $1.3 billion in Bitcoin during Q1.

Over the weekend, ambiguity in Musks’ tweets led users to believe that Tesla had exited their Bitcoin position. Bitcoins’ concurrent drop in price left a bad taste for fans of the eccentric billionaire. Some even referring to Musk as the orchestrator of a pump and dump scheme to profit from his popularity on the platform. Musk later clarified that Tesla has not sold their holdings in the cryptocurrency.

One such user, Dave Portnoy, founder of Barstool Sports and one of Twitter’s most vocal users, decided to take matters into his own hands and show the world how to properly endorse a cryptocurrency. Or at least, test his own ability to influence a financial sector.

Using his Davey Day Trader Global (DDTG) platform, and with the fanfare of an NFL draft conference, Portnoy made the announcement as to which crypto he had purchased $40,000 worth and intends to buy every day for the foreseeable future, promising to only pump, and never dump the coin.

The crypto he has married himself to? Safemoon, a relatively small token in terms of market cap that disincentives users from selling by enacting a 10% fee on the seller. 5% of the fee is distributed back into the pool and the other 5% is “burned”.

While Safemoon has found its footing on Twitter prior to this announcement, the following outrage from users and the subsequent retort from Portnoy caused the token to trend on the site.

And where was Musk during this confrontation? Enjoying the shift away from him for the moment, however short that will probably be.

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