How Elon Musk May Have Caused Another Cryptocurrency To Surge

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk apparently has brought on the worth of one other cryptocurrency to extend. 

What Occurred: An evaluation published by Cointelegraph exhibits that the variety of tweets concerning the Aave (CRYPTO: AAVE) cryptocurrency skyrocketed sooner or later earlier than the worth of the coin sharply growing.

The explanation why is — as with a lot else occurring in crypto these days — feedback from Musk.

Cointelegraph defined that Tesla’s self-crowned technoking’s current “Saturday Night time Stay” appearance not solely featured Dogecoin (CRYPTO: DOGE) jokes. It additionally featured a skit that has brought on some on social media to cry foul over using “African-American Vernacular English,” or AAVE.

Be taught extra: How to Buy Dogecoin 

Accusations of cultural appropriation brought on Twitter customers to make use of this acronym far more than earlier than within the days that adopted Musk’s look.

Value Bounce: “Because it occurs, AAVE (the crypto asset) did certainly soar following the uptick in Twitter quantity for the time period AAVE (an acronym),” the Cointelegraph report reads.

Aave’s worth jumped by practically 45% from a low of $420 reported on Could 11 to a excessive of $608 on Could 13 after Musk’s Could 8 “Saturday Night time Stay” look.

Aave is a monetary companies protocol primarily based on the Ethereum (CRYPTO: ETH) community that lets customers borrow and lend belongings. AAVE is the system’s governance token that enables its holders to vote on proposals that outline future protocol updates.

Picture: Screenshot from “Saturday Night time Stay”