Elon Musk in one word breaks down the value of Shiba Inu: Brutal truth brought down the price by 20%

The price of Shiba Inu (SHIB) fell by a sharp 20% after Elon Musk announced that he did not own any of these crypto-coins.

One of the cryptocurrencies that have had a huge increase in value in the last few months, Shiba Inu has suffered a drop of 20% just after one tweet by Elon Musk.

To put it bluntly, Shiba Inu is a token based on the Ethereum ERC-20 standard and belonging to the meme-coin group.

This essentially means that its value is not determined on the basis of usability, but on the basis of current popularity.

One tweet changes everything

In early October, Elon Musk posted a picture of his Shiba Inu dog Floki, which sparked an avalanche of interest, so the price of Shiba Inu coins began to rise sharply, recording an incredible 500% growth.

With or on a shield

However, just as things like this can boost popularity, so unseen tweets can do just the opposite.

One of the great propagandists of Shiba Inu coins – ShibaInuHodler on Twitter asked Elon Musk how many Shiba Inu coins he has, followed by a short and cold answer: “None”.

While this sounds like the plot of a Latin American series in which Elon eventually learns that she is her own mother, we wanted to show you how much meme-coins are kept on glass legs, and how much they depend on the mood of the celebrities who propagate them.

Without the right laws of price movements

Elon Musk has so far always supported Dogecoin(DOGE) and Shiba Inu(SHIB) coins and has caused their prices to fluctuate, completely contrary to the laws of any financial instrument.

Community reactions were polarized after Musk’s tweet.

And while some have advised Musk to invest coins in Shiba Inu, others have asked the community to “stop bothering celebrities, when the community is great even without such nonsense,” which is true.

Elon Musk, on the other hand, spent a little more time on Twitter the same day, explaining to users the benefits of DOGE coins, saying, “A lot of people I’ve talked to on Tesla production lines or in building SpaceX rockets own Doge.

They are not financial experts or Silicon Valley technologists.

That’s why I decided to support the Doge – because it acts as a cryptocurrency for ordinary people.

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