Cryptodog? Elon Musk’s tweet confuses investors and the cryptocurrency Shiba Inu overvalues.
“I’m buying a Shiba Inu”, says Elon Musk
Elon Musk, founder of Tesla and now the world’s second richest homo, set up off another exponential run in the cryptocurrency market.
Known for beingness a fan of the Dogecoin (DOGE) cryptocurrency, whose logo is a dog of the Japanese Shiba Inu breed, Musk always gives the cryptocurrency a boost by tweeting almost it.
Created in 2013 by Baton Markus and Jackson Palmer, DOGE was inspired by a domestic dog meme and initially started out every bit a joke. In one year, the asset rose by 3474%, driven by a wave of ironic endorsements from Musk, Gene Simmons, lead vocalizer of Buss, and from the rapper Snoop Dogg.
Information technology’south undeniable that cryptocurrencies are becoming more than and more mainstream. With mass adoption of digital currencies, more people are choosing to invest in cryptocurrency and make a profit, especially using automatic tools similar Bitcoin Heir-apparent.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
This time, however, the cryptocurrency Shiba Inu (SHIB) appears to take benefited much more than than DOGE.
Homonymous to the Japanese canine brood, SHIB is an ERC-xx token (Ethereum) that tin be traded in decentralized brokers, such every bit 1Inch and Uniswap.
In a recent tweet, the billionaire CEO of Tesla and SpaceX said that he will buy a Shiba Inu, reinforcing his appreciation for the “DOGE” meme.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March fourteen, 2021
Shiba Inu’s token (SHIB) values more than 150% in 24 hours
Musk’south tweet did not brand it clear whether the billionaire was referring to the purchase of DOGE, SHIB or a new dog.
Afterward his tweet, which was referring to a dog, the Shiba Inu (SHIB) token rose 107.three% in 24 hours, co-ordinate to data released by Livecoins website.
From the information presented above, it is noted that the crypto market’s investors were mistaken and thought Elon Musk was referring to the cryptocurrency SHIB.
According to information on the official website, the $ SHIB token is self-styled as a “decentralized community”. Its aim is to allocate skills within the community to advisable roles in the development of SHIB and to collectively agree on decisions for its future.
In improver, at that place is data that the asset intends to launch SHIBASWAP, a kind of decentralized brokerage (DEX) in April this year.
Shiba Inu (SHIB): DOGE killer?
Despite the curt time in the market, the $ SHIB is known to have been used in PUMP and DUMP schemes, which brings some uncertainty to investors who make up one's mind to bet on the digital nugget.
Some other worrying gene is that the SHIB customs itself promoted the asset on Musk’south Twitter as if he himself had spoken of the SHIB token, instead of the dog. Such an attitude, in plow, was considered a lack of honesty.
“Buy $ SHIB before it’s too tardily,” say most retweets to Elon Musk’s mail service.
Every bit a result, the asset, which calls itself “DOGE killer”, overvalued, was sold by the founders and recently started to run into its price collapse, co-ordinate to information from CoinMarketCap.
Musk shows willingness to support DOGE
As for Dogecoin, Elon Musk was willing to requite full support to the digital asset. In March of this year, the billionaire said he would give his full support to the cryptocurrency if the whales that own the meme-based crypto sold most of their shares. The billionaire investor also said he would pay in existent dollars if the cryptographic whales canceled their accounts.
Musk’s affection for DOGE began in Apr 2019, when the businessman was chosen equally the leader of the DOGE customs through a vote on Twitter.
Satisfied with the new “charge”, Musk wrote that Dogecoin could be his favorite cryptocurrency.
From then on, every new billionaire’due south tweet nigh the digital asset has caused the currency to skyrocket.
Dogecoin (DOGE) shoots 20% afterwards Musk tweet
Afterwards a while away from social media, Elon Musk started a frenzy on Twitter again. In his publication, the billionaire hinted that he would have the DOGE toll to the adjacent level.
Literally pic.twitter.com/XBAUqiVsPH
— Elon Musk (@elonmusk) Feb 24, 2021
Returning to showing all his affection for Dogecoin’s cryptocurrency, Musk took advantage of Apr Fool’s Day, to make a joke that he would really take the digital asset to the moon.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
After the tweet, Dogecoin’south cryptocurrency has skyrocketed twenty% in the by 24 hours, jumping from $ 0.052 to $ 0.64, according to CoinMarketCap data.
