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 Edited by Jessica Thomas
Opinions expressed by Entrepreneur contributors are their own.
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.
