Elon Musk helped popularize the Shiba Inu cryptocurrency this year by posting pictures of a puppy of the same breed on his Twitter page, but Shiba Inu’s price plummeted after Musk said he had no savings in that currency.
Musk has frequently promoted Dogecoin on social media and has spoken out about cryptocurrencies in general. When asked by one user how much he saved in Shiba Inu, he said, “Not at all.” He later clarified that he bought a certain amount of Dogecoin, Bitocoin and Etherium.
Immediately after this message, the cryptocurrency rate fell by 27%, however, it has already begun to recover. It should be added that Shiba Inu has grown by over 400% over the past 30 days and has become the 11th fastest growing cryptocurrency.
Elon Musk also claims that he has no financial interest in cryptocurrency and only supported Dogecoin because he considers it to be a popular cryptocurrency. He also warns investors against investing all their money in this volatile market.
As we can see, Elon Musk’s messages continue to have a strong impact on the cryptocurrency market.
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