However, when asked by a fan about the number of Shiba Inu tokens he owns, he replied, “None.” This, of course, came as a shock to many(myself included) since the CEO is constantly tweeting about his real-life Shiba Inu puppy.
Elon Musk’s Tweets
Elon Musk had shared a tweet of his dog with the caption “Floki Frunkpuppy”. Apart from boosting Shiba Inu tokens, Floki coins were created, inspired by the tweet’s caption.
Some would even say these tweets drove the dogecoin-inspired token up the list of the top 20 cryptocurrencies in the world. SHIB’s market value, however, went down after Musk revealed that he doesn’t own any Shiba Inu tokens.
In a follow-up tweet, he shared that he has bought ETH, BTC, and Dogecoin “that’s it. He also shared, “don’t bet the farm on crypto!” He said before adding that true value is not gotten from any form of money but rather from providing services and building products for other human beings.
Musk sang praises about Dogecoin in a tweet that followed. He calls Dodge the “people’s crypto.” Musk explained that he refers to Dogecoin this way because many of his employees own Dogecoin tokens.
The employees he talked to aren’t Silicon Valley technologists or financial experts. Rather they build rockets at SpaceX or are part of production at Tesla. This then affirmed his choice to support Doge.
The Aftermath of Elon Musk’s Tweets
As a result of Elon Musk’s tweets, Bitcoin, Doge and Ether have experienced a price boost. This surge in prices helped push the overall crypto market above $2.6 trillion as of Monday.
Some analysts have predicted that BTC, which is $4,000 away from its record price high, will reach a new all-time high before the end of 2021.
Dogecoin’s value increased by 10% within 24 hours. On the other hand, Shiba Inu’s value was down 15% on Monday, 9.30 a.m. This 15% decrease was a decrease from its all-time high that it had reached Sunday Hong Kong time.
In the past 30 days, the Japanese hunting dog-inspired token has increased by more than 400%. This rise has made SHIB the 11th largest cryptocurrency by value.
Musk’s tweets have had a significant impact on crypto prices this year.
Before investing in any form of cryptocurrency, ensure that you read about it widely and understand the risks involved. The crypto market is a really volatile place, and many investors advise investing money that you can afford to lose.