Elon Musk Touts ‘People’s Crypto’ Dogecoin, Shades SHIB
Elon Musk has set the record with its cryptocurrency portfolio. With this, the famous entrepreneur reminded investors of how much influence he has on market prices. In a rare alternation of mini-tweets that Musk would normally not elaborate on, this time around, the tech billionaire has provided context for his investment decisions. Dogecoin has been a clear beneficiary, while competing meme coin Shiba Inu has lost momentum.
It started with a tweet from SlumDoge Millionaire about a Benzinga crypto survey that found that nearly 33% of US cryptocurrency investors have Dogecoin in their portfolios. Musk responded and revealed how he made his crypto investing decisions. While there are no taxi drivers involved, it is clear that he is not seeking professional investment advice despite speaking to experts in an area closer to home.
He revealed that many of his employees “on the production lines at Tesla or in rocket construction at SpaceX” own Dogecoin. Musk pointed out that these individuals are "not financial experts or Silicon Valley technologists," which is exactly what convinced him to "support Doge," whom he described as "the people's crypto."
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Like it or not, Musk gave Shiba Inu, the spin-off mem-coin from Dogecoin, whose community is fixated on the billionaire, some shade. Because when the Twitter account "Shiba Inu Hodler" asked Musk how much SHIB he was holding, the Tesla boss replied: "None".
The disappointment may have come as a shock to SHIB owners considering Musk tweeted updates on his new Shiba Inu puppy, Floki. In response, the SHIB token, which had climbed a double-digit percentage to a new record high over the weekend, turned negative. Musk went on to explain that he owns Bitcoin, Ethereum, and Dogecoin, which he bought out of curiosity. Musk insisted that he was "not betting the farm on crypto".
Dogecoin investors, meanwhile, are as upbeat as ever, now that Musk has added another validation to the original meme coin. The Doge bulls are on the move at full speed and are already predicting that the Dogecoin price is heading for new all-time highs. As of the last review, the Doge price was up almost 3% to $ 0.26, but rose to as low as $ 0.28 in the last 24 hours.
Musk is well aware of his influence in the cryptocurrency market and has previously said that it is a good thing when prices go up.
This article was originally published on FX Empire
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