Tesla (TSLA) CEO Elon Musk, a crypto proponent, revealed he has not invested in meme token Shiba Inu, even though his tweets about the meme token have sent it soaring in the past.
In a slew of tweets, he reiterated he supports joke token dogecoin, calling it “the people's crypto”, as do many of his employees at Tesla and SpaceX. But he said he has nothing to do with the not-for-profit Dogecoin Foundation.
He said neither he, nor his associate Jared Birchall, were on the advisory board of the foundation, which is working to promote the crypto via patents, advocacy, and trademark protection
He said he has also invested in bitcoin, and ethereum — the world's top cryptos — a portfolio he has also spoken about in the past.
Dogecoin (DOGE-USD) was up 7.7% to trade at $0.27 (£0.20) on Monday morning.
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Meanwhile Shiba Inu (SHIB-USD) had rallied by more than 50% to hit an all-time high of $0.000044 on Sunday to become the eleventh biggest cryptocurrency in the market.
But when Twitter user @ShibaInuHolder asked Musk how many Shiba Inu tokens he holds, his answer was a definitive, “None.”
By Monday morning the token it was down to $0.000039.
The Shiba Inu community is upset about the tweet, with one user @kkamalx tweeting: “Why does Elon have to own any $SHIB for it to be valuable. It should be about usability.”
Earlier this month, Shiba Inu had gone up to $0.000013 after Musk tweeted a photo of his puppy, which is the same breed the token is named after.
There is yet another joke token called floki, which shares the name of Musk's pet Shiba Inu. But it appears he doesn't hold any of those either.
Musk's tweets often have a significant impact on the price of cryptos. For instance, bitcoin went soaring when he had tweeted that Tesla would resume accepting bitcoin (BTC-USD) once it becomes more environmentally friendly.
“As we’ve seen with dogecoin, and now Shiba Inu, tweets from magnates such as Elon Musk control the digital asset’s rise and fall,” Michael Kamerman, CEO of Skilling.
“Social media and financial influencers are great in introducing the concept of cryptocurrency, but investors need to recognise the entertainment value that occurs online and look deeper into crypto themselves before making any decisions,” he said.
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