Musk collapsed another cryptocurrency

The rise in quotes of the meme cryptocurrency Shiba Inu over the weekend made it eleventh in terms of capitalization on the crypto market. Then, after a tweet by Elon Musk, her quotes collapsed.

Shiba Inu quotes have risen by 400% in the last month, writes Bloomberg. This is perhaps the most “meta” of cryptocurrencies: its mascot, a dog of the Shiba Inu breed, is a clear reference to the Doge cryptocurrency, and its origin (founded in 2020 by an anonymous under the name Ryoshi) is to bitcoin.

Shiba's rise this fall was fueled by rumors of a fully distributed exchange, NFT entry, and general enthusiasm for crypto assets. In early October, Elon Musk raised its quotes by posting a tweet with his dog, and in recent days, a petition on Change.org with a request to allow the token to the Robinhood platform.

Investors in Shiba are also attracted by easy entry: a dollar can buy 20,000 tokens. At the Sunday peak of quotations, its capitalization reached $21 billion, Doge - $34 billion.

But the currency he supported (as happened more than once) was soon lowered by Musk himself: he admitted that he had not invested in Shiba. Moreover, he reminded retail investors that the bitcoin, ethereum, and Doge, in which he personally invested “out of curiosity,” are “certain strings of characters with appropriate names.” “Like I said before, don’t buy cryptocurrencies at last. The true value is in the production of products and services for others, and not money, in any form, ”said the billionaire.

Shiba Inu dropped over 25% on this tweet (later corrected to minus 15%). The profile forum of holders of this cryptocurrency on Reddit encourages users to continue pumping it with money, explaining the collapse with Musk’s “envy”.