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.
By Emily Rella •
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.
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Musk coolly responded "None" in a Tweet that has since garnered over 45,800 likes.
None
— Elon Musk (@elonmusk) October 24, 2021
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."
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"True value is building products & providing services to your fellow human beings, not money in any form," Musk boldly said.
Out of curiosity, I acquired some ascii hash strings called "Bitcoin, Ethereum & Doge". That's it.
— Elon Musk (@elonmusk) October 24, 2021
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.
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.
