Elon Musk Sends Crypto Coin Plummeting: 'True Value is Building Products'

He is frequently accused of manipulating the markets through social media, mainly because he posts his unfiltered views on crypto coins on Twitter.
He is a man of few words, but can pack a punch when it comes to his responses. This was evident yesterday when he sent the crypto currency plummeting thanks to a single-word tweet.

Musk was contacted by @ShibaInuHolder via Twitter, asking how much he had of the dog-themed currency.

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Musk replied coolly to None in a tweet that has been liked over 45,800 times.

None Elon Musk (@elonmusk), October 24, 2021

CoinBase reports that Shiba Inu's value has fallen to $0.00003956, or 6.82%, since Sunday's tweet.

According to Coindesk, the coin hit a record high at $0.000044 on Sunday.

Musk posted a second thread in response to his tweet about Shiba Iu. He shared that he has bitcoin, Ethereum, and dogecoin. He also warned followers not bet on crypto.

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Musk boldly stated that true value is in building products and providing services to fellow humans, not just money.

I bought some ascii hash strings, called Bitcoin, Ethereum, and Doge, out of curiosity. That's all.

As I've stated before, don't put your money on crypto. True value is not in money, but building products and providing services for your fellow humans. Elon Musk (@elonmusk), October 24, 2021

Musk made headlines when he tweeted an innuendo based meme about Bitcoin, and dogecoin to millions of his followers after Bitcoin hit a record value of $67,000.

After posting a picture of a Shiba-Inu dog to his Twitter account, he also sent Shiba Coins flying at a solid 65%

Shiba Inu's stock shot up to 42.46% before its decline, and then plummeted as high as 20% in the immediate fallout of Musk's tweet. It rose back up Monday.