Elon Musk – the South African entrepreneur behind billion-dollar companies like Tesla and SpaceX – has a habit of making currencies go up and down all the time… and the crypto world’s latest asset Shiba Inu coin is no exception.
Elon Musk Causes Another Coin to Fall
Shiba Inu coin has been breaking all kinds of records and hitting new highs. A spin-off of the popular meme currency Dogecoin, Shiba Inu coin hit a massive record this weekend only to be brought down by a tweet issued by Musk, who commented with the word “none” when he was asked how much of the asset he owned.
He then followed up that tweet with the following message:
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.
This is not the first time a message from Musk has caused a coin to tank. We remember what occurred earlier in the year when Musk – after permitting bitcoin payments for Tesla vehicles – decided to rescind this maneuver after claiming in a series of tweets that he could no longer push the bitcoin agenda if miners were going to be so careless regarding their emissions and extraction processes.
He hinted that current mining procedures are causing irreversible damage to Earth and that he was ending all bitcoin acceptance until miners could potentially get their carbon emissions under control. Bitcoin was then trading at an all-time high of approximately $64,000, though it wasn’t long after Musk issued these messages that the currency began sinking into oblivion. Just a few months later, the asset was trading (albeit briefly) below the $30,000 mark, thereby incurring a loss of more than 50 percent.
Shiba Inu coin is only about a year old. It was brought to the crypto limelight in August of last year and was developed anonymously by someone operating under the pseudonym Ryoshi. Last Sunday, the asset reached a new high of approximately $0.000044. However, following Musk’s tweet, the currency has fallen by just under nine percent.
So Many People Love It
Still, this isn’t detracting from its incredible growth, and the currency still has many loyal fans. Not long ago, a petition was signed by several traders asking popular platform Robinhood to add the asset to its growing list of offered currencies. The petition read:
Dogecoin has been a huge success for Robinhood and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2,000 percent in the last weeks! Gaining new ground by the day. Shiba has just been listed on Binance, and its momentum grows by the hour. Half the questions when we log into trading forums ask, ‘How can I buy Shiba!??’