The course of ‘meme cryptocurrency‘shiba inu (SHIB) rose again this weekend extremely hard. The SHIB price jumped from $0.00002875 on Saturday to a new one all-time high (ATH) of $0.00004432 on Sunday. It was a whopping 54% increase in 24 hours.
That increase was accompanied by Elon Musk who tweeted about dogecoin (DOGE) again. Dogecoin has risen unprecedentedly this year after tweets from Musk and this time the DOGE and SHIB prices received another boost from Musk. SHIB also rose sharply at the beginning of this month after a tweet from Musk.
But then the billionaire threw a spanner in the works for SHIB fans. He made it clear last night, around the time the SHIB price peaked, that he is a fan of dogecoin and not shiba inu. He denied owning SHIB at all:
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— Elon Musk (@elonmusk) October 24, 2021
Subsequently, the SHIB price plunged sharply to $0.00003542, a drop of 20%. The huge volume that coincided with the rise of SHIB then partly spilled over into dogecoin, which then rose for a while. The Tesla CEO then reported that the only crypto he owns bitcoin (BTC), ethereum (ETH) and dogecoin are:
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
— Elon Musk (@elonmusk) October 24, 2021
“Out of curiosity, I bought some ascii hash strings called “Bitcoin, Ethereum & Doge.” That’s all. As I said before, don’t bet everything on crypto! Real value is building products and providing services to your fellow human beings, not money in any form.”
He then insists that he believes in dogecoin because it is the “crypto of the people”. Not everyone in the industry will agree.
Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.
— Elon Musk (@elonmusk) October 24, 2021
“A lot of people I spoke to on the production lines at Tesla or building rockets at SpaceX have Doge. They are not financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the crypto of the people.”
It ends in a discussion between dogecoin and shiba inu fans on twitter. However, that the prices of this crypto are so sensitive to a single person’s tweets is a red flag. It becomes clear from the tweets that some people invested in meme crypto as an elongate because they actually thought it came from Musk. So always do your research first!
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