Shiba Inu Cryptocurrency at Record High Sunday Night, Tumbles After Musk Tweets He Doesn’t Own Any

Bangkok, Thailand - 1 July 2021: Cryptocurrency on Binance trading app, Bitcoin BTC with altcoin digital coin crypto currency, BNB, Ethereum, Dogecoin, Cardano, defi p2p decentralized fintech market.
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Shiba Inu coin reached a record high last night, fueled by several factors, including rumors that the Robinhood crypto wallet would soon list it — and a series of tweets from none other than serial crypto tweeter Elon Musk.

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Shiba tumbled rapidly thereafter, when Musk tweeted he did not own any of the crypto.

Asked on Twitter how much of the coin he owned, Musk replied, “None.”

“Out of curiosity, I acquired some ascii hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it. 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,” he then tweeted.

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Shiba Inu coin was created anonymously in August 2020 under the pseudonym Ryoshi.

Shiba Inu reached an all-time high of $0.000044 on Sunday, according to Coindesk, but has fallen 8.6% to $0.00003827 over the past 24 hours, Barron’s reported.

CoinMarketCap lists it as the 13th largest crypto, with a market cap of $15.3 billion. The crypto was down 7.5% this morning.

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A petition on Change.org, which amassed 230,00 signatures as of this morning, is asking Robinhood to list Shiba Inu coin to trade.

“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential, up 2000% in the last weeks! Gaining new ground by the day. Shiba has just been listed on Binance, and its momentum grows by the hour. Half the questions when we log into trading forums ask ‘How can I buy Shiba!??’ Let’s encourage Robinhood to be the first traditional brokerage to get on this train!” the petition said.

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Last updated: October 25, 2021

About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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