Elon Musk is the CEO and founder of SpaceX and Tesla and is a known influencer in the crypto market. With a net worth of around $190 billion in November 2022, Musk is the richest person in the world. Elon Musk often tweets about cryptocurrencies and has considerable influence on volatility due to his large following on social media.
Several crypto investors also term Musk Dogefather for his frequent praise of the leading meme token, Dogecoin. In May 2021, Elon Musk caused a market crash in cryptocurrencies when he announced that his company Tesla would stop accepting Bitcoin as a payment method. A few months later, he helped DOGE price soar when he announced via Twitter that his company would allow customers to purchase Tesla merchandise using the coin.