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Elon Musk Sends Crypto Coin Plummeting: 'True Value is Building Products'

The Shiba Inu coin dropped as much as 20% immediately following Musk's Twitter antics.

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Elon Musk is often accused of manipulating markets via social media, mainly by giving his unfiltered takes on certain crypto coins on Twitter.

The billionaire is a man of few words but can pack a punch with his responses, something that became apparent yesterday when he sent the Shiba Inu crypto coin plummeting all thanks to a one-word Tweet.

A Twitter account aptly named @ShibaInuHolder tweeted at Musk asking him how much he currently owned of the dog-themed coin.

Related: Elon Musk is richer than Bill Gates and Warren Buffett put together

Musk coolly responded “None” in a Tweet that has since garnered over 45,800 likes.

According to CoinBase, Shiba Inu has plummeted around 6.82% since Sunday’s tweet, coming in at a valuation of about $0.00003956 as of early Monday afternoon.

The coin reached a record high of $0.000044 Sunday before Musk tweeted, according to Coindesk.

Musk followed up his Tweet about Shiba Inu a separate thread and shared that he owns bitcoin, Ethereum and dogecoin and warned followers not to “bet the farm on crypto.”

Related: Hamster coin increased in value by 500% after a simple comment from Elon Musk

“True value is building products & providing services to your fellow human beings, not money in any form,” Musk boldly said.

Musk also made headlines last week when he tweeted an innuendo-based meme about Bitcoin and dogecoin to his millions of followers upon Bitcoin hitting a record valuation of $67,000.

He also previously sent Shiba Inu coin soaring a solid 65% after posting a photo of a Shiba Inu dog to his Twitter account.

Shiba Inu skyrocketed over 42.46% prior to its decline and plummeted as much as 20% in the immediate fallout from Musk's Tweet before rising back up Monday.

Emily Rella

Written By

Entrepreneur Staff

Emily Rella is a news writer at Entrepreneur.com. Previously, she was an editor at Verizon Media, covering entertainment, pop culture, lifestyle, entrepreneuership and business. She is a 2015 graduate of Boston College and a Ridgefield, CT native.