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One word from Elon Musk sank the Shiba Inu (SHIB) cryptocurrency yesterday

SHIB coin fell 20% after a one-word tweet from the Tesla CEO.

One word from Elon Musk sank the Shiba Inu (SHIB) cryptocurrency yesterday
Elon Musk. [Source Images: Britta Pedersen-Pool/Getty; Beo88/iStock]

If there’s anyone who can send cryptocurrencies surging or sinking, it’s Elon Musk. That’s no more evident than in the past 24 hours after Musk issued a one-word tweet that then saw the Shiba Inu (SHIB) cryptocurrency plunge 20%.

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As the CoinTelegraph reports, a Twitter account by the name of @ShibaInuHodler asked Musk how much SHIB coin he was holding. Musk’s single-word reply? “None.” That sent SHIB down 20% in the immediate timeframe after Musk’s tweet.

As of the time of this writing, SHIB has recovered a bit, down only about 11% from yesterday’s pre-Musk tweet highs, according to Coinbase. But the fact that some cryptocurrencies can be so badly affected by a one-word tweet by Musk goes to show that investors should take extreme caution when investing in meme coins like SHIB. You may make a killing, but you could also end up losing everything due to a tweet or two.

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About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

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