Cryptocurrency enthusiast Elon Musk tweeted a text-based art picture of Shiba Inu with a rocket ship which increased the price of the meme-based cryptocurrency Shiba Inu.
It’s no secret that a single tweet by Elon Musk about a cryptocurrency can decide the crypto market sentiment. We know that in March 2021, Tesla has announced that they would accept Bitcoin as a form of payment to purchase electric vehicles.
However, later, they said that will no longer accept Bitcoin as a mode of payment due to climate change which plunged its price.
Crypto traders seem to rely entirely on Elon Musk’s Twitter account for trading cryptocurrency. Now, his tweets are become so important, that even a picture of his pet dog can decide the market sentiment.
Elon Musk Tweets About Shiba Inu
Now, once again, the SpaceX CEO has tweeted something which has surged the price of cryptocurrencies. Elon posted a texted-based art picture of Shiba Inu with a rocket ship.
As expected, the price of the Shiba Inu coin soared. However, the bull run wasn’t limited to Shiba Inu. Dogecoin price increased as well.
Many traders found the tweet to be ambiguous. They were guessing whether it is a reference to Shiba Inu, Dogecoin, or Bunny coins.
— Elon Musk (@elonmusk) October 17, 2021
This ambiguity resulted in bullish sentiment for Bunny Park, Little Angry Bunny V2, Rewards Bunny, and other coins.
Although the world has seen the humongous profits cryptocurrencies bring, many experts have said that they have no value.
— Mr. Whale (@CryptoWhale) October 17, 2021
Bank of England chief said that cryptocurrency has no intrinsic value and investors could lose all their money, according to a report from Yahoo.
According to The Motley Fool, Shiba Inu’s 5,100,000% gain since its debut is a bubble that could burst any day.