Market

GRAPE price doubled after Elon Musk’s impromptu tweet

Traders continue to use Elon Musk’s tweets as an excuse to pump an unknown token, this time GRAPE.

The crypto community is once again in turmoil. Early in the morning of Jan. 16, Tesla CEO and billionaire Elon Musk tweeted a picture of a grape from Wikipedia with the caption “Everyone knows what grapes are.”

https://twitter.com/elonmusk/status/1482598301694238723?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“There is a lot of information out there,” Musk wrote in the comments.

Commentators on Twitter immediately launched a campaign to decipher the message as intelligently as possible.

User WokePC commented:

“Maybe a new generation Tesla will run on grape fuel. I will open a vineyard immediately.”

But there are also people who have shortcut Elon Musk’s message with the GRAPE token. “Oh my god this is Grape Coin,” wrote a person nicknamed fine_mesh.

Judging by this token, many believe that Musk’s tweet is the driving force behind its growth. A tweet consisting of just two words and an image of a fruit was enough to almost double the price of the GRAPE token in minutes.

GRAPE starts at $0.047 on January 16th. However, four hours after Elon Musk’s tweet, it surges to $0.078. However, the pump did not last long. GRAPE is currently priced at $0.056. In 24 hours, the token price has fallen by 5%, but it is still up 13% in the last 7 days. GRAPE hit the ATH at $0.347 on September 15, 2021, since then the coin has lost 82% of its value.

GRAPE price chart | Source: CoinGecko

This has happened before

Elon Musk is known for his incisive tweets. The trader community always understands that these tweets are support for a specific coin. Last week, DOJO token surged 500% in just half an hour because Musk did it tweets about this word.

Despite the high volatility, the token is still up 155%, up from a week ago.

In October 2021, Musk sent Shiba Inu down 26% with his tweet. Experts believe the reaction to the tweets shows the immaturity of the market.

What is GRAPE?

GRAPE is a token for the Grape protocol based on Solana. It provides users with a toolkit to build a community within the Solana ecosystem.

The developers of the project claim that Grape will allow users to create any online community and organize it in their own way. The GRAPE Access tool helps associate social media accounts with unique cryptographic keys and grants access based on the amount of coins in the user’s balance.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.