Cryptocurrency markets are frequently stimulated by Elon Musk's posts on the social media platform X (formerly Twitter). On May 24, there was another movement when Musk commemorated Dogecoin (DOGE) and the death of a gorilla named Harambe. This event led to a significant increase in the prices of both the meme coins DOGE and HARAMBE. However, a large meme coin purchase right before this event caught the attention of many.

On-chain Analysis and Investor Moves

According to data from the on-chain analysis platform Lookonchain, an anonymous cryptocurrency investor purchased 1.94 million HARAMBE coins by withdrawing 661 Solana (SOL) worth 116 thousand dollars from the Binance exchange about a day before Musk's post. This investor quickly earned 200 thousand dollars after Musk's post. This led to speculation that the investor knew about Musk's post in advance.

Elon Musk and His Impact on Cryptocurrency Markets

Elon Musk is a very influential figure in the cryptocurrency world. His previous tweets about Dogecoin, Bitcoin and various other cryptocurrencies caused sudden fluctuations in the prices of these assets. The fact that Musk has a large follower base and his posts have serious repercussions in the market causes investors to follow his social media accounts closely.

Speculations on the Identity of the Mysterious Investor

This big meme coin purchase, made shortly before Musk's post, led to various speculations among social media users. Some users suggested that this investor could be Elon Musk or someone connected to him. Such claims were further strengthened by the fact that the investor made a huge profit in a short time and the transaction took place just before Musk's post.

On-chain Data and Claims

By monitoring transactions on the blockchain, on-chain analysis platforms can analyze the movements of specific wallets and the timing of these movements. The data provided by Lookonchain reveals that the investor in question purchased HARAMBE with the $116 thousand SOL he withdrawn from Binance and carried out this transaction just before Musk's post. This supports the claims that the investor knew about Musk's post in advance and invested based on this information.

Speculations and Possibility of Market Manipulation

Allegations of informed trading and market manipulation in cryptocurrency markets are not new. The potential for big whales and influential figures in particular to manipulate the market always creates concern among investors. It is thought that a similar situation may have occurred in this incident. The large purchase made by the investor before Musk's post increases such speculations.

general evaluation

Elon Musk's influence on the cryptocurrency markets is indisputable. However, this effect can also pave the way for situations that may cause some investors to gain unfair profits. Musk's big meme coin purchase, which took place before his latest Dogecoin and Harambe post, may be an example of such situations. This incident once again reveals how volatile and speculative cryptocurrency markets can be.

It is important for investors to be careful about such speculations in the market and to make analyzes that confirm the information so that they can make healthier and more informed investment decisions. As the influence of social media posts of figures such as Elon Musk on the markets continues, such speculations and market movements will be inevitable.

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