Billionaire Elon Musk, the CEO of SpaceX and Tesla, frequently tweets about various cryptocurrencies. It appears that his actions have impacted their pricing.
In 2021, the price of an altcoin named Shiba Inu appeared to rise a few times due to Musk’s repeated postings of photographs of his Shiba Inu puppy to Twitter.
On the other hand, Musk stated on Sunday that he does not hold any Shiba Inu coins and that he only owns Bitcoin, Ether, and Dogecoin, among other cryptocurrencies. That’s all there is to it, he added.
As Musk has already stated, please don’t put all your eggs in one basket for cryptocurrency. The actual value is created by creating things and providing services to your fellow human beings, not through the exchange of money in any form.
While speaking at the “The B-Word” conference in July, Musk also stated that he is a bitcoin, ether, and dogecoin owner. On Sunday, he explained why he loves Dogecoin, crypto inspired by memes that began as a joke in 2013. It has since grown into a legitimate cryptocurrency.
Doge Started with a Prank
It all started for Musk once he received feedback from his staff. Doge is owned by many people he spoke with on the manufacturing lines at Tesla or while building rockets at SpaceX. They aren’t financial specialists or IT entrepreneurs from Silicon Valley. That’s why he decided to endorse Dogecoin, which he considered to be the people’s cryptocurrency.
However, even though Musk has stated that he has not recently communicated with Dogecoin developers. He has referenced collaborating with them numerous times throughout the year.
His support for Dogecoin isn’t something new for him. Musk began tweeting about Dogecoin as early as January of this year.
The point is that, as he explained to TMZ in May, Dogecoin was a prank. It was primarily to make fun of cryptocurrencies in general. Fate is a sucker for irony. What would be the most ironic consequence of this situation? The currency that began out as a joke eventually became the country’s official currency. To the moon and back!
But keep in mind that just because Musk or another influencer or executive tweets about a coin does not imply that it is valuable or a good investment opportunity. Experts warn that falling prey to social media hype will almost always result in financial loss.
That is one of the reasons why investors should always conduct their studies before deciding where to place their money. As the Securities and Exchange Commission (SEC) said in 2017, it is never a good idea to make an investment choice solely based on the recommendation of a celebrity that a product or service is a good investment.
Industry experts see cryptocurrency as a volatile, dangerous, and speculative investment. They advised investors only to put money into their accounts that they can afford to lose.
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