Elon Musk said that he had not invested in Shiba Inu (SHIB). In response, the meme cryptocurrency’s price fell more than 20%.
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— Elon Musk (@elonmusk) October 24, 2021
On October 24, the price of Shiba Inu reached an all-time high at $0.00004447. One of the token’s supporters asked Musk, ‘How much SHIB does he hold?’
“Not at all,” replied the founder of Tesla.
Thereafter, SHIB’s price plunged, briefly hitting $0.00003285. The token is currently trading at $0.00003822.
The billionaire added that, out of curiosity, he acquired some ASCII hash strings named “Bitcoin, Ethereum and Doge”. He described true value as “creating products and providing services to fellow human beings, not money in any form.”
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. 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.
— Elon Musk (@elonmusk) October 24, 2021
In another Twitter exchange, the Tesla founder denied that Jared Birchall, head of his family office, sits on the advisory board of the nonprofit Dogecoin Foundation.
Neither Jared, nor me, nor anyone I know has anything to do with this foundation
— Elon Musk (@elonmusk) October 24, 2021
“Neither Jared, nor I, nor anyone I know has anything to do with this foundation,” wrote Musk.
In August, the meme cryptocurrency announced the resumption of activity of the Dogecoin Foundation. In addition to Birchall, among the advisers were Ethereum co-founder Vitalik Buterin, one of the creators of Dogecoin Billy Markus, and developer Max Keller.
Earlier in October, Shiba Inu surpassed Uniswap, Avalanche and Litecoin in market capitalization.
Earlier, the bitcoin exchange Coinbase launched SHIB trading. At that time its price jumped by 33%.
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