Shiba Inu (SHIB) coin sank after one word from Elon Musk

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.

None

— 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.