The Dogefather and the lost son – SHIB plummits after Musk tweets

Category: Blockchain Crypto
Posted by
Ravindu Dabarera

In a series of Twitter interactions, billionaire Musk once again slammed stocks as he revealed to not invest in any Shiba Inu

He did it again, just a few tweets on canine coins later and startled Musk-fans are depreciating the fairly fresh Shiba Inu coin.  The dog coins Doge, Baby Doge and Shiba Inu are closely associated with the PayPal-founder, with his opinions having measurable impact on these specific currencies and also beyond. A big bummer for SHIB was the dry statement that he wasn’t holding any of it. It is yet another example how online influencing can heavily drive or diminish stock value.

Many fellow Twitter users started asking about other coins, to which Musk countered he were only holding Bitcoin, Ethereum and Doge. Out of curiosity, he stated, opining that true value is built through products and services, not any form of money.

At the same time, Musk has interacted with the team behind Doge several times in the past to increase its blockchain efficiency. When speaking with his followers, he named the most important factors to tackle are lowering fees, decreasing block time and increasing block size, as well as moving the blockchain to a single layer network.

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