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Elon Musk reveals he doesn’t hold shiba inu – only bitcoin, ether, and dogecoin

Business
Elon Musk
Tesla CEO, Elon Musk.

Elon Musk revealed on Sunday that he doesn’t hold the meme token shiba inu, but he is invested in bitcoin, dogecoin, and ether.

The Tesla and SpaceX CEO’s tweets about his real-life Shiba Inu puppy have been a catalyst driving the dogecoin-inspired token higher, to become one of the world’s top 20 cryptocurrencies.

But asked by a fan of shiba inu how much he owns of the token, Musk responded with a definitive “None.”

@elonmusk/Twitter

In a follow-up tweet, he said he has bought bitcoin, dogecoin, and ether – “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,” Musk said.

Shiba Inu, launched in August 2020 by someone going by the name “Ryoshi,” reached an all-time high of $0.00004450 on October 24. At last check Monday, the dogecoin spin-off was trading 1.7% lower at $0.00003895, possibly because of Musk’s weekend comments.

The coin took just 14 months to acquire a value of $15 billion, making it the 13th biggest cryptocurrency coin by market value as of Monday.

Shiba inu aims to be an ethereum-based replacement to dogecoin. Its supply is intentionally designed to be abundant, rather than capped as with bitcoin’s scarcity, according to Nirmal Ranga, chief revenue officer at crypto exchange ZebPay.

“The surge in volumes that the token has been witnessing can be attributed to the FOMO that typically arises – as interest peaks, and traders rush to take part in the rally as a means to book profits,” Ranga said.

Altcoins such as dogecoin and shiba inu have attracted traders as their wide price swings can deliver sizeable rewards, unlike top cryptocurrencies such as bitcoin.

Musk’s comments have been a big influence on crypto prices this year, though less so now than before. But his tweets of photos of his Shiba Inu Floki – the latest with the caption “Floki Frunkpuppy” – have boosted the token and led to the creation of namesake Floki coins.

While Musk hasn’t spoken directly about shiba inu, he has been a vocal supporter of dogecoin. In a separate tweet on Sunday, Musk gave a reason for his backing.

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

Read More: A crypto strategist breaks down why bitcoin futures ETFs will have negative yields and explains the market conditions that would make them positive. He also makes the case for buying bitcoin directly.

Read the original article on Business Insider
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