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Tuesday, December 5, 2023

Elon Musk attracts the ire of the “Shiba Army”

The electric car maker announced on Twitter that it did not have any Shiba tokens. The course responded with a low flight.

Elon Musk lets the crypto dolls dance again. After Shiba Inu (SHIB) hit a new all-time high of $ 0.00004432 on October 24 , the price plummeted after a single tweet from the Tesla boss. At the moment, the price of the meme token is $ 0.00003836

The offshoot of the original Meme Coins Dogecoin (DOGE) was on a rollercoaster ride over the weekend. With over 14.5 billion US dollars in terms of trading volume, the dog coin was able to briefly overtake the DeFi front-runner Ethereum (ETH). While Shiba Inu posted a new all-time high on October 24, the price plummeted shortly afterwards.

Also Read: Dogecoin is expected to come out of its bubble soon and take off

Many members of the “Shiba Army” cite a statement by Elon Musk on Twitter as the reason for the rapid demise. In the midst of the Shiba soaring, the Tesla boss was asked how many dog ​​tokens he was holding. His answer: none.

Musk could have sent the Shiba course on a downward spiral. Shortly after reaching the new all-time high, the price had to lose a lot. Some Shiba-Hodlers discussed the development of the dog token on Twitter. After a Shiba Inu account on Twitter recommended the e-car maker to purchase the token, a follower complained and urged his supporters to stop “harassing celebrities if the community is fine without this kind of stupidity goes”.

Elon Musk’s crypto puppet

The fact that Elon Musk is adding his mustard to various crypto currencies is not a new phenomenon in the crypto space. The Tesla boss recently caused a hype about another Dogecoin offshoot when he announced the name of his new Shiba Inu puppy “Floki” – the cryptocurrency of the same name exploded. Furthermore: Anyone who has been following the crypto space for a little longer will remember the slump in the Bitcoin price in May of this year – this correction has also been associated with Musk’s remarks again and again since then. Accordingly, Musk had previously announced that Tesla would accept Bitcoin as a means of payment, but then backed down because of the negative climate impacts of mining.

Celebrities like Elon Musk, who turn the crypto space into a puppet show, have long been controversial. The still rather volatile and unregulated crypto market often reacts rapidly in line with statements from various crypto players.

Elon Musk often tweets out of nowhere and thus causes ups and downs in the market. This time, however, the e-car maker was asked directly whether it had bought Shiba-Inu tokens. Accordingly, the question of blame for the recent Shiba dip remains open. According to the Tesla boss himself, he invested “out of curiosity” in Bitcoin, Ethereum and Dogecoin and gives his followers a well-known piece of advice:

As I said before, not everything is relying on crypto! Real value lies in developing products and providing services to others, not money in any form.

Elon Musk on Twitter

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