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The ‘Elon Effect’ shows how opinion leaders shape the FinTech market

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The power that influencers have in affecting public perception and therefore causing alterations in the value of a product, service, asset or currency has increased to the point where they can crash or uplift entire markets with their content and takes. 

The Elon Effect

In 2021, Elon Musk could send the price of the famous memecoin Dogecoin (DOGE) up by 50% with just a single tweet. He still has a lot of power over the crypto markets, and several people in the cryptocurrency world and traditional finance have accused Musk of manipulating the cryptocurrency market with just a few tweets.

Other popular influencers could cause similar effects through social media posts or promotional videos. But why do they have so much power? Well, it’s all down to the power of influencer marketing; research shows that approximately 80% of consumers are more likely to buy products promoted by influencers instead of ads.

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