Tesla CEO Elon Musk's fanbase tingly knit into the world of cryptocurrency. At Musk's beck and call, millions of fans are ready to invest or pull out. As such, the Tesla CEO has an unparalleled amount of control over the market, so much so that recent darling Shiba Inu has taken a hit.
Elon Musk causes Shiba Inu price to plummet with one tweet
Crypto, the world’s biggest ponzi scheme, is at the will of Musk. On Sunday, Musk caused the recent crypto bubble to pop with just one tweet. Not even a tweet; the inciting incident was actually just a reply to another person’s tweet.
On Sunday, Twitter user ShibaInuHodler asked Musk how much of the virtual currency he owned. With far too many emojis, the Twitter user asked: “Hey Elon Musk, now much $Shib are you holding!!”.
In response, the Tesla CEO responded: “None”. Afterwards, the price of Shiba Inu plummeted from its record high, outraged fans reported the account and fans screamed at Musk as they had just lost thousands of dollars.
A follow up tweet from Musk saw the billionaire tell his followers not to bet on new crypto tokens. When asked if he owned Floki, a Shiba Inu competitor, Musk said that he only owned Bitcoin. Ethereum and Doge.
How far did it fall?
As with most small-scale cryptocurrencies, the price of Shiba Inu wasn’t that high at all. The highest value the currency ever reached was $0.00004442. After Musk's one-word tweet, the price plummeted to $0.00003423.
While the difference in numbers isn't that much, that single tweet led to the currency losing almost 23% of its value. With $15,086,558,555 of Shiba Inu out in the wild, Musk essentially wiped out $3,460,874,193 with one word. Just for fun, that drop is the equivalent to Musk losing just 1.504% of his net worth.