Benzinga | May 16, 2021 12:35PM EDT

How Elon Musk May Have Caused Another Cryptocurrency To Surge

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk apparently has caused the price of another cryptocurrency to increase.

What Happened An analysis published by Cointelegraph shows that the number of tweets about the Aave (CRYPTO: AAVE) cryptocurrency skyrocketed one day before the price of the coin sharply increasing.

The reason why is -- as with so much else happening in crypto lately -- comments from Musk.

Cointelegraph explained that Tesla's self-crowned technoking's recent "Saturday Night Live" appearance not only featured Dogecoin (CRYPTO: DOGE) jokes. It also featured a skit that has caused some on social media to cry foul over the use of "African-American Vernacular English," or AAVE.

Learn more: How to Buy Dogecoin

Accusations of cultural appropriation caused Twitter users to use this acronym way more than before in the days that followed Musk's appearance.

Price Jump "As it happens, AAVE (the crypto asset) did indeed soar following the uptick in Twitter volume for the term AAVE (an acronym)," the Cointelegraph report reads.

Aave's price jumped by nearly 45% from a low of $420 reported on May 11 to a high of $608 on May 13 after Musk's May 8 "Saturday Night Live" appearance.

Aave is a financial services protocol based on the Ethereum (CRYPTO: ETH) network that lets users borrow and lend assets. AAVE is the system's governance token that allows its holders to vote on proposals that define future protocol updates.

Photo: Screenshot from "Saturday Night Live"