If there’s anyone who can send cryptocurrencies surging or sinking, it’s Elon Musk. That’s no more evident than in the past 24 hours after Musk issued a one-word tweet that then saw the Shiba Inu (SHIB) cryptocurrency plunge 20%.
As the CoinTelegraph reports, a Twitter account by the name of @ShibaInuHodler asked Musk how much SHIB coin he was holding. Musk’s single-word reply? “None.” That sent SHIB down 20% in the immediate timeframe after Musk’s tweet.
— Elon Musk (@elonmusk) October 24, 2021
As of the time of this writing, SHIB has recovered a bit, down only about 11% from yesterday’s pre-Musk tweet highs, according to Coinbase. But the fact that some cryptocurrencies can be so badly affected by a one-word tweet by Musk goes to show that investors should take extreme caution when investing in meme coins like SHIB. You may make a killing, but you could also end up losing everything due to a tweet or two.