Elon Musk’s recent social media activity has sparked a notable rise in the Non-Playable Coin (NPC), a cryptocurrency tied to the NPC meme. Musk shared a video referencing the NPC concept, inadvertently boosting the value of NPC, a meme coin on Ethereum and Base.
On Saturday, Elon Musk posted a video about the NPC meme, created by Mario Nawfal, host of Mario Nawfal’s Roundtable. A tweet from Musk has shown a rise in the value of a meme coin, showing his continued influence in the digital currency space.
Immediate Market Reaction
On July 19, this year, Musk tweeted an image of the famous Kabosu dog that features SHIB, a common token in the meme coin community. The tweet was simple, yet effective: “Doges unite!”. This single post showed a great change in the market, as investors rushed to buy Dogecoin and other related meme coins.
NPC, a coin Musk developed last year after expressing interest in a meme that discussed the idea that people are like non-player characters in real life, has gained significant value following this video.
The video, which originally appeared on Joe Rogan’s podcast, gained traction after Musk’s endorsement, leading to the second unintentional boost for NPC by Musk. The coin’s value surged by 42%, reaching $0.02463, with recent trading volume jumping 70% in the time of writing.
Surges have been recorded with other cryptocurrencies like Dogecoin and Shiba Inu since Musk’s involvement in Crypto. This explains the ability to change in meme coins in a short period and the importance of improved research before investing.
Expert Opinions
This is because influential figures like Elon Musk have a great influence in most digital currencies leading to predicted changes. His involvement has been the talk of some people worrying of possible market manipulation in the coming years because of his tweets in the X space.
Crypto analysts are divided on the long-term impact of Musk’s tweets. Some believe that his influence is compared to no one else due to the changes that it brings to the market. Others argue that the market will eventually become less reactive to individual tweets as it matures and attracts more institutional investment, making tweets from such tweet moguls less responsive.
