Tesla CEO with his tweets helped Shiba Inu and Floki prices rise earlier. However, this time around, his response brought the meme coin down as he said he didn't buy SHIB tokens (quotation in real time).
Meanwhile, another user curiously asked if he invested in Floki. At this point it turned out that Musk had only acquired popular cryptocurrencies such as "Bitcoin, Ether and Dogecoin," he said: “Out of curiosity, I acquired some ascii hash strings called 'Bitcoin, Ethereum & Doge'. That's all".
Furthermore, he went on to say: "Don't bet the farm on cryptocurrencies!" adding: "True value is building products and providing services to your fellow man, not money in any form."
Huge increases before Elon's tweets
Prior to the tweet, Shiba Inu had increased by 49% in the past 24 hours. After Musk's confession, analyst Mr. Whale estimated that the meme coin lost 27% of its value.
As of press time, SHIB is down 7,8% from its ATH of $ 0,00004432 on Oct. 24. Despite the fall, the “DOGE killer” seems to have gained 13,0% in the last 24 hours, according to our data.
That said, it is interesting to note that the coin has rallied close to 500% over the past month, supported by high trading volume. Recently, Watcher.Guru noted that SHIB even surpassed Ethereum's trading volume by over $ 1,6 billion.
What is considered another positive move, SHIB continues to burn some of its circulating supply. In the last day, the meme coin burned nearly 900 million tokens.
The cryptocurrency of the people
However, Musk seemed to prefer DOGE to SHIB. He said he supports DOGE as the "people's cryptocurrency", explaining:
“A lot of people I've talked to on Tesla's production lines or rocket building at SpaceX own DOGE. They are not Silicon Valley financial experts or technologists. That's why I decided to support Doge: it looked like people's cryptocurrency ”. Billy Markus, co-founder of DOGE, agreed that it is "fast, scalable and inexpensive".
That said, Musk said the goal will be "lower fees, reduce block time and increase block size." But there have been no recent interactions on Twitter, between Musk and the DOGE development team.
Meanwhile, with the frenzy going on, the SHIB community didn't seem too happy with Musk's tweet. David Gokhshtein of Gokhshtein Media LLC tweeted:
"Mr. Whale said it is, in fact, time to book SHIB profits, anticipating an imminent drop in tokens ”. He also said: "Cryptocurrencies that provide real utility will thrive in the long run, while speculation-based currencies will vanish."