Elon Musk Stirs Crypto Market by Revealing 3 Coins He Owns

The same person who helped catapult the Shiba Inu memecoin upwards a few weeks ago is now revealing that he actually does not own any.

Earlier this week, a popular Shiba Inu fan account asked Musk how much SHIB he owns, to which the tech mogul responded by saying, “None”. This surprised many considering Musk’s previous impacts on the coin and its surge.

Just weeks ago, the billionaire had tweeted a photo of his Shiba Inu puppy Floki, which many construed to be a vote of confidence for the SHIB currency. At the time, this helped catapult the SHIB coin upwards by more than 50%. Though some thought that Musk’s now reversal on this endorsement would negatively affect the coin, the SHIB token managed to surge to a new all-time high despite the snub. At press time, the meme token was worth $0.000059 — the highest it had ever been.

The tiny but mighty SHIB token has gained nearly 45 million percent this year, and its market cap stands at a staggering $22.6 billion, a far cry from the $2.5 billion it held at the beginning of August. And despite the fact that it does not have Musk’s backing, the parody currency has won over many others including Ethereum co-founder Vitalik Buterin, who made headlines when he donated $1 billion worth of Shiba Inu to an Indian COVID-19 relief fund.

The Tesla/SpaceX founder and CEO has become deeply connected with cryptocurrency considering his early adoption of digital assets and the constant effect his tweets have on their prices. This has prompted crypto enthusiasts to routinely turn to him for guidance on which coins they should buy.

Musk went on to reveal that he only owns three cryptocurrencies saying, “Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it,” said Musk in response to the question. He then went on to add, “As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form”.

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