Shiba Inu Coin Was Rising But Elon Musk Did Not ‘Understand the Assignment’
Elon Musk is the world’s richest man. He’s also the Tesla CEO, SpaceX boss, cryptocurrency enthusiast, a serial poster of stolen memes, anime profile picture enthusiast. While he is a cryptocurrency enthusiast, he’s however decided to be careful with what he wants to put his money (and influence) behind. Elon Musk has regularly thrown his weight behind Dogecoin, and occasionally, Bitcoin. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. his is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. But it wasn’t just Dogecoin propelled by Elon Musk – involuntarily two, or three spinoffs of Dogecoin, Shiba Inu coin, as well as a cryptocurrency, FlokiCoin, specifically based on Musk’s newest pet Shiba Inu, Floki, also witnessed a boost.
The Shiba Inu cryptocurrency specifically was on its way “to the Moon” in the past week. It rose by 50% to become the 11th biggest cryptocurrency in the market. A 50% rise meant it also hit an all time high of $0.000044 on October 24. While SHIB enthusiasts went crazy – one account tweeting about decided to be Icarus, and flew too close to the sun. The account with a Shib photo tagged Elon Musk and asked, ‘How much Shib are you holding?’ Musk’s answer, however, was not what they expected. His answer was simple: None.
Following Musk’s tweet, SHIB instantly recorded a dip. Currently, SHIB is trading at $0.0031 at 11:45 AM IST, showed CoinBase data. It has also slipped to the 13th spot on the list of largest cryptocurrencies by market cap. CoinBase data also showed that the price of SHIBA INU has risen by 43.09% in the past 7 days. The price increased by 3.81% in the last 24 hours. In just the past hour, the price shrunk by 1.55%.
If no SHIB, what cryptocurrencies does Musk hold? The answer is Bitcoin, Ethereum and Dogecoin.
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.
— Elon Musk (@elonmusk) October 24, 2021
Musk has also made it very clear, “don’t bet the farm on crypto.” In May this year, when Musk had really batted for Dogecoin cryptocurrency, he had mentioned “Don’t invest your life savings into cryptocurrency. That’s unwise.”
Dogecoin started as a joke, and for almost seven years it continued being a joke. Until 2021, when meme and cryptocurrency lovers, coupled with the GameStop surge, decided to rally behind the meme-cryptocurrency. The cryptocurrency jumped several times in value, first reaching ten cents, then thirty, and finally on April 20, it was supposed to reach 69 cents – the highest ever. There were coordinated groups in what can only be called a valiant effort to manipulate the price of the cryptocurrency. The peak price of Dogecoin in 2018 was around two cents, right before it crashed along with the rest of cryptocurrency. Reports suggest that by early 2019, Dogecoin had lost nearly 90 per cent of its value and was trading for a fraction of a penny, until now.
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