By Samuel Indyk
Musk’s tweets have been known to move individual coins and the general market in both directions and his comments this morning are no exception.
Dogecoin – The People’s Crypto
Replying to a crypto-YouTuber named @ProTheDoge, Elon Musk referred to Dogecoin as the “people’s crypto”.
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge,” Musk Tweeted. “They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”
As of 10:20BST, the price of Dogecoin was up 8% to $0.266581.
Musk holdings – Shiba Inu left out
Elon Musk was also asked by one Twitter user how much Shiba Inu he was holding. Speculation was rife that Musk held the coin after tweeting a picture of his puppy, a Shiba Inu breed, a couple of weeks ago. However, Musk confirmed that he does not own any of the dog-based coin.
Shiba Inu has been one of the best performing cryptocurrencies during the month of October, rising almost 450% as it has become a favourite of the social media traders that boosted the price of Dogecoin earlier in the year.
Over the weekend, the coin traded above 0.00004 for the first time but has retreated below that level for now.
In a separate tweet, Elon Musk reiterated that he still holds Bitcoin, Ethereum, and Doge. However, Musk was quick to caution that investors should not “bet the farm” on cryptocurrencies as true value is from building products and providing services to your fellow human beings.
To check the prices of Bitcoin, Ethereum, Doge, Shiba Inu, and other cryptocurrencies, please use the link below:
Shiba Inu and Dogecoin in focus as Elon Musk tweets about the industry
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